The Return of Bridge to Let.
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.
(ex) Chartered Surveyor, author and property investor
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.
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And, 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.