Precise Mortgages relaunches refurbishment buy to let product

By Bridging Loan Directory 27th November 2020

Precise Mortgages, one of the UK’s leading specialist lenders, has relaunched its Refurbishment Buy to Let proposition.

Refurbishment Buy to Let is designed to help your landlord customers maximise their rental yields by refurbishing a target property before renting it out, as well as enabling them to take value from the property to reinvest elsewhere.

The proposition includes a bridging product with rates from 0.54% per month, followed by an exit onto a long-term buy to let mortgage, which does not need to be repaid whilst the refurbishment works are being completed.

Landlords can borrow up to 65% LTV on the bridge and 75% of the post-works valuation on the exit buy to let mortgage to help borrowers maximise cash flow.

One application form will produce two offers (one for the bridge and one for the buy to let), as well as two procuration fees.

Adrian Moloney, pictured, OneSavings Bank Group Sales Director, said:

“The relaunch of our popular Refurbishment Buy to Let proposition demonstrates how committed we are to supporting the market and our broker partners.

Landlords have traditionally faced difficulty in securing finance to refurbish a property before letting it out.

Refurbishment Buy to Let enables them to do so by bringing together the flexibility of bridging finance together with the surety of an exit onto a long-term buy to let once the improvement work has been completed, provided the property meets the expected valuation following refurbishment.”