Renovation Mortgages

The Society’s Renovation mortgages are only available where the renovation project is being undertaken in Wales or the Welsh Borders (postcodes SY, WR, GL, HR & BS) with other areas considered on a case by case basis

NaCSBA-24 (002)

Renovation Mortgages
Home Improvement or Renovation Mortgages

More and more people these days are opting to remain in their homes and renovate, instead of moving or buying a new house to renovate and make it the way they want. As a homeowner, you might consider making structural restorations to your home for multiple reasons, and at Swansea Building Society, we're here to assist you and help make that possible.

If you're planning to remodel your home, a renovation mortgage can help. It's possible you have purchased a property that requires a great deal of maintenance or refurbishment, or you may want to make a few changes to the current structure or layout. Remodelling a property can be a thrilling project but it demands careful consideration, in both the design and financial needs.

With a Renovation Mortgage, we provide you with the opportunity to borrow additional funds so that you can make these structural changes to your home.

All funds must be drawn down within 3 years from the date of the mortgage offer. 


Things to consider before starting a renovation property

Taking out a renovation mortgage isn't the same as a standard mortgage, and you'll discover other aspects that require serious consideration before you apply. There are many pros and cons to restoration, from price to work requirements, to the potential profits.

It's beneficial to have a contingency plan in place. Since a renovation project can unearth unexpected challenges, the more budget you have in reserve, the better.

Pre-Renovation Mortgage checklist

Prepare a comprehensive list of your costs and then add 10%

It's essential to have a sensible budget. Commonly you'll encounter unpredicted costs, so it's sound practice to add 10% as a contingency fund to cover yourself. If you're pulling out old fixtures and fittings, who knows what you'll uncover as you go.

Obtain planning permission as soon as possible

Initially, identify how easy it's going to be to secure planning permission (if applicable). This depends on your Local Authority and neighbours who will also be given a say. It may take up to 12 weeks for the local authority or council to come to a decision, so the earlier you begin your planning application, the better. Some more modest renovations may not need planning permission. If you'd like to discover if your potential property necessitates planning permission, you can find more information on the Government’s planning website.

Building Regulations

Building regulations approval should not be mistaken for planning permission approval. Building regulations manage the technical design and construction of building work and are established to make sure that health and safety standards are maintained.

You must have building regulations approval if you plan to build a new construction or modify an existing building, however there's also a range of more minor remodelling works that will require building regulations approval, for example:

Integrating more radiators in the exiting heating system, upgrading a fuse box and electricity junctions, changing windows and doors, fitting new bathroom plumbing work or the removal of a load bearing wall

No matter what building or renovation work you plan to undertake, it is essential that you ensure the work complies with building regulations and doesn't change the current fabric, services or fittings in a manner that renders them non-compliant.

Choose who will manage your renovations

It's possible to project manage yourself or hire a dedicated project manager. Finding someone to take care of the daily work, liaise with building contractors and suppliers and remain on budget is often worth the extra expense. What's more, it means you won't need to be on-site on a regular basis. If you'd like to project manage yourself, ensure that you account for your time and your living arrangements. If it's a significantly sized project that can mean, you'll end up living onsite.

Be realistic about the amount you can do yourself (DIY)

You may be a handy with a screwdriver and a set of tools, but regarding all-out renovations it is wise to be realistic about what you can do yourself. Can you install a kitchen? Plumb in a toilet? Tile the walls? Furthermore, it could take considerably longer as an amateur.

Be careful with older houses

The older the property, the more likely you are to find undetectable challenges in the process.

That doesn't necessarily mean you should go for an old restoration project, but it's important to be aware of the potential pitfalls. To begin with, ensure that the property valuation is correct before you buy.

An old cottage might look charming, but that charm may be concealing damage, subsidence, and earlier remodelling work. And things such as subsidence can impact your home insurance. Perhaps the electrics require rewiring if they're outdated, an undertaking which can run into the thousands.

Get an extensive buildings survey and as much detailed information as possible before hand.

Mortgage Interest Rates

(click on the mortgage product name for more information)

Residential Purchase/ Remortgage


Maximum Loan to Value of Property (LTV)

Variable Interest Rate

The overall cost for comparison is*

APRC based on a loan value of:

Renovation Mortgage (RENSVR24)

Standard Variable Rate (SVR) for months 1-24 and from month 25, 0.95% discount off Standard variable Rate (SVR) for remainder of term of loan


7.60% month 1-24

6.65% month 25 on

7.70% month 1-24

6.80% month 25 on

Overall APRC = 6.80% 


Local Mortgage Manager

Please contact your local mortgage manager today for more information.

Alternatively, please complete the call me back page and one of our mortgage managers will contact you.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.