Can I Get a Mortgage for a Renovation Project?
Thinking about buying a "fixer-upper"? Whether it’s a doer-upper bungalow, a dated terrace, or a barn that needs bringing back to life — many buyers love the idea of turning a property into their dream home.
But… what about the mortgage? Can you still borrow if the property needs major work?
The short answer is: yes — but it depends on the type of renovation and the type of mortgage. Here’s what you need to know.
What Counts as a Renovation Project?
You might need a renovation mortgage if the property:
- Doesn’t have a working kitchen or bathroom
- Has structural issues
- Is completely unmodernised
- Is uninhabitable when you buy it
- Needs major updates (like rewiring, new roof, etc.)
In these cases, a standard mortgage may not be enough — but that’s where specialist options come in.
What Mortgage Options Are Available?
Here are some of the most common choices for renovation buyers:
1. Standard Residential Mortgage
-Good for cosmetic projects (e.g. new kitchen, bathroom, redecorating)
-Won’t cover structural work or homes that aren’t habitable
2. Renovation or Self-Build Mortgage
-Funds are released in stages as the work is completed
-Ideal if the property is in poor condition or needs rebuilding
-Lenders will want detailed plans and costings up front
3. Bridging Loan
- Short-term finance used to buy and renovate quickly
- Ideal if you plan to refinance or sell once the work is done
- Interest rates are higher, and it must be paid back quickly
4. Buy-to-Let Mortgage (for Renovation to Rent)
- If your goal is to rent the property after renovating
- Some lenders accept unmodernised properties
- Often requires a larger deposit and evidence of experience
Can I Borrow Extra for the Work?
Yes! Some lenders will let you borrow more on your mortgage to cover the renovation — but they’ll want to know:
- How much the work will cost
- What value it will add to the property
- When it will be completed
We can help you prepare the paperwork and speak to the right lenders.
Top Tips for Renovation Mortgages
- Get a full building survey — it’s worth every penny
- Keep receipts and a clear timeline for the works
- Work with registered tradespeople — lenders like reassurance
- Get your mortgage adviser involved early in the process
Let’s Make That Project Happen
At The Mortgage Lodge, we’ve helped clients buy everything from dated flats to full barn conversions.
We know which lenders are open to renovation projects, how to structure your finance, and how to make it smooth from start to finish.
Thinking of buying a project home? Speak to us first — we’ll help you bring your vision to life.