Brown mortgage
Overview
As greenfield plots become more scarce, it makes sense to look at other options. A Brown mortgage is a mortgage for people who want to convert or restore an existing property.
Practical lending criteria
Even if you have a mortgage on another property we may still be able to help you finance your project.
Regular finance with stage payments
We are able to lend you money to help buy your property, and to finance the renovation itself with regular payments during the project.
How much can you borrow?
You can borrow up to 85% of the current valuation or purchase price of the property as it stands, whichever is the lower, and a maximum of 90% of the value of the completed project, as long as we approve your application.
Free Energy Survey
One of our qualified surveyors will complete a survey to assess the energy efficiency of your property. They will also be able to offer you advice and recommendations on how you can make your property more energy efficient.
Payment holidays and underpayment options
We try to make our mortgages as flexible as possible for you. We know that sometimes you may want to pay more than the standard monthly repayment, and you can with your N&P mortgage.
Overpaying can also make it possible for you to underpay on occasions – or even skip a few payments completely. You can exercise either option providing you have made enough overpayments to cover the payment holiday or the underpayment(s).
Your Brown mortgage can move with you
All our mortgages are portable. This means that if you move home, you can have a mortgage on your new home on the same terms, providing that your new home is a satisfactory security for the loan, is situated in either England or Wales and that your financial position meets our criteria at the time.
Minimum Advance
The standard minimum advance is £20,000 (unless stated otherwise).