Buying a property to let, but it needs refurbishing in order to get the best and highest rental income?
We have the solution!
This is a bespoke mortgage, which is available up to 70% of property purchase price or property value, making it ideal for run-down, or un-modernised properties, which are unsuitable for letting. The lender will assess the property on its improved value after refurbishment works, not on its current condition, therefore a higher potential rental income can be used to calculate the maximum mortgage, which can be increased to 70% of the improved property value once work has completed.
Lending criteria in brief:
• No proof of personal income required
• Minimum property value, or purchase price is £50,000
• Available for houses or flats • On-line application process – decision within hours
• Lenders arrangement fee can be added to the mortgage
• Loan is interest-onl on a fixed rate making cashflow easier and budget more certain
• Available to properties in England, Wales and Scotland
• Purchase or remortgage
• Not available to property developers (please call for alternatives)
This is a more viable alternative to using an expensive bridging loan, as the mortgage is already a Buy-to-Let mortgage, so there’s no need to remortgage after improvement works have been completed. The really big advantage is the ability to drawdown further mortgage funds up to 70% of the improved property value.
To discuss this light refurbishment buy-to-let mortgage, please contact us on 0117 223 2050 and speak to an experienced adviser today.