If you don't have all of the cash you need for your project then you will need to consider where else you can go to get the necesarry finance.....

Many people undertaking a renovation or conversion project need to borrow some money to be able to undertake the work they need to do. You can approach a high street lender and ask what they can do however many are reluctant to lend on such projects and so you will more than likely need to find a lender dedicated to such projects.

If you are looking to get a mortgage (rather than just a loan), often mortgage lenders will want to survey the project and value it before lending and then during the different stages of the project you are likely to be subject to further inspections in order to release stage payments allowing you to carry on with the work once each stage is completed and you need further money to be released. If your lender uses such a method often your payments will follow the same structure and so will start of lower and increase each time more money is released at each stage.

The amount you can borrow will be calculated according to your income and outgoings. You are often required to have a substantial deposit to invest in the project before starting the work and borrowing further money. Other forms of borrowing are also available to you to help you progress with you renovation or conversion project. If you register with a local builder’s merchant/supplier they will provide credit enabling you to purchase your building materials in between stage payments allowing the project to run smoothly and not have to stop every time you are waiting for a payment to arrive from your mortgage company. If you are lucky enough to have savings to invest in your project then this is another source of funding for parts of your project when you need an injection of cash. If you do not have access to savings it is advisable to arrange a mortgage or loan before finding your project, or at least research how much you are likely to be able to borrow. This will avoid any disappointment and allow you to realistically look at the type of project you can afford to embark on.