If you have any questions, then don’t hesitate to get in contact. Fill out one of our enquiry forms today and a member of our team will be in contact in as little as 4 hours.

When using a refurbishment loan, are there specific types of work I need to adhere to?

This will depend on the lender that you’re using, as each will have their own set of rules that apply to their loan. It can therefore range from light refurbishment to structural changes, so make sure your loan is tailored to the work you need.

If you’re worried about additional fees on top of your initial funding, such as professional or project management fees, we can help.

We provide bespoke bridging loans, as each case is as unique as you.

Contact our bridging team here for more information.

Once I have added value to my property, is it possible to draw this money out?

Once again, additional lending will depend on the bridging lender providing the loan.

If accepted, you will have to ensure that the works are completed which will need to be confirmed by the surveyor, this also ensures they are to correct standard.

Most buy-to-let mortgage lenders will happily allow you to take out some of, if not all, the profit made, if you choose to exit your bridging loan through refinancing.

However, it could be cheaper for you to wait, complete, then take the funds directly out of the property.

Here at MFS, our tailored loans are made to suit your specific needs, so let us help you find the best option for your financial situation.

Do building regulations apply?

If you’re only looking to complete small changes on your property, then you will most likely need a Light Refurbishment bridging loan, which means they do not apply to building regulations.

Light refurbishment consists of work that ultimately does not change the nature of the premises in any structural way, usually relating to the design of the interior.

These tasks generally relate to works such as:

• Maintenance works such as replacements or repairs (excluding heating systems, fuse boxes oil tanks, glazing units)
• Electrical works such as new power / lighting points and changing current circuits (excluding areas close to the baths / showers)
• Bathroom unit refurbishment such as replacing basins, sinks, showers and baths

If you are looking to refurbish your property for commercial use, then a light refurbishment loan would not be suitable.

If you’re looking for more detail on whether building regulations apply to your project, then click here to be directed to the government’s website.