Property Development Mortgages

There are a very wide range of tailored mortgage products available somewhere on the market.

One such example that you may well not have come across but is offered is something that is called the property development mortgage, or in some places the development or refurbishment mortgage.

This is for people who are variously something like a property developer, an individual demolishing and then rebuilding their home or perhaps someone who is going to build on part of their garden. In these circumstances this sort of product typically offered by a few building societies could be of relevance to you.

Depending on what sort of building is going up and what the development is, the amount you can borrow will vary. With a new bulid, then it might be in the region of 50% of the land that you are developing on that could be lent, of course it will vary depending on the lender and circumstances.

Because the finance requirements could potentially be quite complicated with a product like this then it would be worth getting expert help and advice if you are considering this sort of product to work out whether it would be well suited to your requirements, which lenders to look at and whether it is realistic that you would be able to secure funding this way.

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