This Bridge to Let buy to let mortgage product is offered by one of my favourite lenders.
It’s a great resource if you want to buy a property using finance (a mortgage) but it requires too much of a refurb so you can’t or won’t get a standard buy to let mortgage.
You can buy using the Bridge (a short term loan product) and the switch to a conventional buy to let loan with the same lender once the work is done.
This loan product is available for single let buy to lets, and for HMOs.
Here are the headline terms:
LTV for the initial Bridge is maximum 65% LTV.
Initial Bridge rates from 0.54% to 0.69% dependent on LTV with 0.75% lender fee.
B2L Exit options from 3.14% (2 year) or 3.49% (5 year) with 2% fee.
Minimum value is now £100k.
Ltd Co or Individual ownership considered.
HMO or standalone residential B2L properties considered
HMO B2L exit product is priced higher from 3.44% & 3.74% for 2 & 5 year products respectively
If you’d like full details I’m very happy to introduce you to my mortgage broker.
Just email and I’ll put you in touch.
Just to be clear, I really don’t mind if you don’t use my mortgage broker, but when applying for finance (especially specialist finance like buy to let finance) you do need to use A mortgage broker.
That’s why I’m not telling you who the lender is. If I did name the lender, despite my warnings, someone will try and apply direct. But (most) lenders don’t want you to apply direct. They want you to use an intermediary who understands the market and who can confirm that this is the best mortgage product for you.
And I should say, if you do contact my broker and you end up doing business together, he will pay me a small commission. As far as I know, this doesn’t affect you as he doesn’t charge you extra, he just shares with me a small part of the fees he’d receive anyway.
Here’s to Successful Property Investing.
Peter Jones (ex) Chartered Surveyor, author and property investor
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to: