Permitted. Lending is based on the market value where uplift explained by works/changes to the property/title, otherwise value limited to original Purchase Price/pre-works value.
Where the remortgage application is to repay an existing bridging loan, the bridging loan provider must be an FCA registered firm. We also require:
- evidence of the bridging loan
- Land Registry evidence of the first charge registration or charge application submission
- the underwriter to be satisfied that the property is intended to be let
- a physical inspection of the property to be carried out in all instances
Related words: day one, period, refurb, renovation, enhance, additional borrowing, valuation
Category:
Loan terms & limits