A lot of buy to let lenders are very picky about the condition of a property they lend on.
Which is a shame, because it makes perfect sense for us to buy a property which needs some work doing to it, and add some value.
What adds to the frustration is that not all lenders apply the same criteria as to what is an acceptable property, and what isn’t, or what amount of work makes a property unlendable.
So some lenders will lend on a property which,to all intents and purposes, looks in a really poor condition.
Others won’t lend on properties which look in good condition because they really want them to be pristine.
One way around this lottery is to take control and use bridging to fund the purchase, and then refinance onto a conventional buy to let when the work is done.
And a really neat way to do this is to use a bespoke “Bridge to Let” product.
It wraps the bridge and the buy to let into (effectively) one product and one offer from the same lender, and makes life much more simple and predictable than applying for a separate bridge, and a separate buy to let, from 2 different lenders.
In this video I want to tell you about another Bridge to Let which is available for you to use.
As ever, although I will tell you who the lender is, they will not accept applications unless through an intermediary i.e a mortgage broker.
If you already have a really good mortgage broker, great.
If not, then I’ll be happy to introduce you to mine.
Just email me
thepropertyteacher@gmail.com
For single self-contained properties,
HMOs and multi-unit blocks:
2.65%
2 year fixed
75% LTV
Product fee – 1.00%
Free mortgage valuation
£750 cashback
£299 application fee
2.99%
5 year fixed
75% LTV
Product fee – 2.00%
Free mortgage valuation
£750 cashback
£299 application fee
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://www.ThePropertyTeacher.co.uk
By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Renovator’s Workshop, will show you how to organise and undertake your renovations and guarantee yourself a profit every time – based on the more than 100 property renovations I have undertaken over the last 25 years.
For more details please go to:
The Successful Property Renovator’s WorkshopAnd, of course, there’s also 63 Common Defects in Investment Property and How to Spot Them, in which I’ll show what to look for when buying a property, and how I inspect my properties to give myself the best possible chance of understanding the structure and any repairs and improvements.
63 Common Defects In Investment Property And How To Spot Them
