One of my favourite buy to let lenders has relaunched their Refurb Bridge to Let product, and this is a as long as the exit via the Buy to let remortgage is achievable.
Long story short, this product offers you the flexibility of bridging finance to fund a refurbishment project,
as well as providing the security of an exit onto a buy to let mortgage.
Provided there’s no change in circumstances,
and the property meets the expected valuation following refurbishment.
There is a choice of exits depending on the type of refurbishment works.
Plus, the exit product chosen will remain available whilst the buy to let mortgage offer is valid,
Giving you security of knowing what your monthly repayments will be once the
refurbishment work is completed.
So whether you’re fitting a new kitchen,
or wanting to improve the energy efficiency of a property by installing double glazing,
or refurbishing a property that already has a high EPC rating,
this could be the loan product for you.
To help minimise your costs you only need to complete one application form,
and there’s only one valuer for both the bridging finance and the buy to let exit,
and one conveyancer.
This product is only available for borrowers who are confident they can complete any refurbishment work within the buy to let offer validity period (six months from the initial valuation).
Here are the headline terms:
Bridging Finance up to 75%
Maximum term 6 months
Minimum loan £50,000, maximum loan £1,000,000
Interest can be serviced or retained
Minimum property value £75,000 (£100,000 in London)
HMOs £100,000 (£250,000 in London)
Rates from 0.74% per month to 0.84% per month
Buy to let Mortgages
Up to 80% LTV
Maximum term 35 years
Minimum loan £40,000, maximum loan £3m (£1m HMO)
Interest only or capital repayment
Minimum property value £50,000 (£150,000 in London)
HMOs £100,000 (£250,000 in London)
Rates from 6.09% to 7.09% – the cheaper rates apply where energy efficiency is increased
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://www.ThePropertyTeacher.co.uk
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:
https://www.ThePropertyTeacher.co.uk/the-successful-property-investors-strategy-workshop
