Are you thinking of buying a property to let? Does it need refurbishing in order to get the best and highest rental income?
We have the solution.
Borrow up to 75% of property purchase price (or property value if lower) and then borrow up to 75% of the improved property value after works are completed, making it ideal for run-down, or un-modernised properties. 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 borrowing, which can be increased to 75% of the improved property value once work has completed.
Lending criteria in brief:
• Minimum income of £25,000 pa 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
• Loan is interest-only making cashflow easier and budget more certain
• Available to properties in England, Wales
• Purchase or remortgage
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.