Mortgages and finance > Renovation mortgages
Renovation mortgages
Get up to a 90% loan based on the end value of your renovation!
Expert guidance, exclusive products, and tailored support to get fast and stress free renovation mortgage decisions.
What is a renovation mortgage?
A renovation mortgage is a loan designed for transforming an existing property. Renovation mortgages release funds in stages based on the progress of your renovations. This allows you to fund the project step-by-step while keeping costs manageable and allow you to borrow more then current value of your home!
How do renovation mortgages work?
Every renovation project is unique. Book a free call with our self-build experts to find the right funding solution for you.
Renovation mortgages release funds in stages as your project progresses.
Borrow more then the current value of the property.
Get loans of up to 90% of the end project value.
Only 10% cash deposit required on purchases.
Already own the property? You may not need any cash at all.
Funds are released either before or after each stage of work. We'll recommend the best option based on your cash flow needs.
How much can I borrow on my renovation mortgage?
Use our free renovation mortgage calculator to find out within 5 minutes how much you could borrow.
How much will my renovation cost?
Planning a renovation can feel overwhelming, especially when it comes to working out the costs. That’s where we come in! When you work with us, you’ll get access to our free costing service, led by our in-house Quantity Surveyor
We’ll also provide you with a fully quantified schedule of materials and labour (over 100 pages of detailed insights tailored to your project). And we’ll set up all your trades tasks for you, so you’re ready to hit the ground running. It’s a service designed to save you time, stress, and potentially thousands of pounds.
Example of renovation finance
Project: Wrap around two story extension and refurbishment
Current Value: £350,000
Cost of Works: £200,000
Current Mortgage: £200,000
End Value: £775,000
Cash Available: £0
Loan Amount: £550,000
Renovation mortgages are more complex than standard ones, but that’s where we excel. With years of experience helping clients bring their dream homes to life, you can trust us to guide you through every step.
With over 100 years of combined expertise, we’ll make the process stress-free and straightforward.
Why choose Mayflower for your renovation mortgage?
We’re a family-run business that puts you first.
FREE build cost report and 3D images worth £1,700.
Get mortgage products only available through Mayflower.
Our expertise makes lending decisions fast.
Start your renovation today, in just 3 steps
Book a FREE call
Speak with a renovation mortgage expert who can explain the whole process, answer your questions and give you instance access to our Self Build Savers Solution.
1
Get your decision in principle
When you’re ready, we’ll provide lender-backed terms and handle all paperwork for you. And if you’re not ready? You can still benefit from all our free resources.
2
We submit your application
Your dedicated renovation conversion expert will be with you from start to finish, guiding you through the process until your build is complete.
3
Have confidence in our renovation mortgage service with our money back guarantee
We’re confident in the value and service we provide, which is why we offer a full refund of any fees we may have charged if you’re not satisfied with our renovation mortgage service. Plus, there are no upfront fees.
Want a FREE guide to master every step of your renovation?
Our Complete Self Build Encyclopaedia is your ultimate guide to creating the home of your dreams. With 100,000 words of expert advice on everything from land acquisition and eco-building to planning permissions and project management, this FREE encyclopaedia gives you the answers you need, all in one place.
We’ve been in your shoes
Our two directors, Mike and Lulu, started Mayflower after they embarked on their own construction project and found the process confusing and difficult. Now, we have over a decade of experience in creating tailored solutions to make the experience easier for you.
How can we support your renovation?
Frequently asked questions
-
Not always — it depends on your project and financial circumstances. If your property’s current value doesn’t have enough equity to release the funds you need, a renovation mortgage could be the solution. Unlike traditional mortgages, renovation mortgages consider the property’s end value after improvements, which can make a big difference in what you’re able to borrow. Speak with our experts to find the right option for your project.
-
It depends on the scale and type of work you’re planning. Some smaller renovations may not require planning permission, but larger projects often will. Your local authority can confirm whether planning is necessary. If it is required, renovation mortgage lenders will typically need to see approved plans as part of your application.
-
Yes, first-time buyers can absolutely apply for a renovation mortgage. While the process may seem complex, we’re here to guide you every step of the way. Speak to our team to understand what’s required and find the right product to suit your needs.
-
Yes, you can still apply for a renovation mortgage if you’re retired. Many lenders are happy to work with retirees, though your eligibility will depend on factors like your income and financial situation. We can help you explore your options and find a solution that works for you.
-
Having bad credit doesn’t automatically disqualify you from getting a renovation mortgage. Lenders look at your overall financial picture, and there are options available for people with impaired credit. We’ll review your credit history and help you find a lender who can support your renovation plans.
-
Renovation mortgages can fund a wide range of projects, from small-scale refurbishments to major structural renovations or extensions. Whether you’re updating an old kitchen or adding a completely new wing to your home, a renovation mortgage can be designed to suit your needs.
-
The minimum deposit for a renovation mortgage typically starts at 10% of the total project cost, though this varies by lender. Larger deposits may provide you with more borrowing power or better rates. Contact us to explore your options.
-
Yes, there may be additional costs with a renovation mortgage, such as valuation fees, planning fees, and legal expenses. It’s important to factor these into your overall budget. We’ll help you understand all associated costs to avoid surprises during your renovation.