Mortgages suited to rescuing empty properties

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Mortgages for renovating empty properties can be hard to find. The problem is that derelict (run-down) properties aren’t worth much until they are renovated. If you want to borrow money for both buying and renovating a property, you will be asking for more than it is actually worth in its run-down state. From a lender’s point of view this is high risk because, if you don’t repay the loan, the property isn’t worth enough for them to get back the money they have lent you if they repossess the property. Happily the situation is improving fast. The following list contains some of the many lenders who have mortgage products particularly suited to rescuing empty properties.

The Ecology Building Society
The Co-operative Bank
Norwich and Peterborough Building Society
Kent Reliance Building Society