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.