It may come to the point when you feel that is necessary to complete renovations to your home. You may have outgrown what you have or you may just wish to complete the repairs and maintenance that you have been thinking about for ages and you need to borrow monies to do so. There are two ways that you can do this.
The first is that if you have good equity (equity is the value of your property less monies owing) you will be able to borrow against that equity to complete the renovations.
However if you do not have enough equity, you can do what is called a loan on completion valuation. In other words plans, quotes and costs are organised through a tradesman or builder, submitted to the bank which will then in turn submit the quotes plans and costs to a licensed valuer who will then work out the end up value of your property once the renovations have been completed. You then may be able to borrow up to 95% of that amount.
That sounds all very complicated so that is where we come in and at Frontrunner Finance Solutions, we can take care of that for you.