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Precise Mortgages launch Bridge to Let product

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Precise mortgagesThe intermediary only lender Precise Mortgages has today launched the Uk’s only true Bridge to Let Product for development and refurbishment BuytoLet projects.

If  you take out a Bridging loan with Precise Mortgages you will now be able to switch it into one of their Bridge to Let products (effectively a Buy to Let loan) from month four onwards with no additional valuation or legal fees. Customers will be allowed to take the BTL loan out up to 75% of the property’s post works valuation so, if you have enhanced the value of the property, you will be able to withdraw some or all of your working capital.

The lender has combined its Bridging products with its traditional BTL products. The BTL element offers terms of up to 30 years, on an interest only basis, with no valuation or legal fees, and no need to change lender.

This offers a one stop shop for Development or Refurbishment projects where the plan is to keep the property upon completion of works and let out on a Buy to Let basis.

Standard Bridging rates apply starting at 0.85% per month with the Bridge to Let element starting at 4.39% and the 2% Arrangement Fee can be added to the loan.

Prime Bridge to Let product and Criteria details:

  • Rates from 4.39% reverting to Libor (currently 0.51%) plus 4.98%
  • Maximum LTV 75% of the post works valuation
  • Product fee 2% on all products and can be added to the loan
  • Max Loan size £500,000 for 75% LTV or £1,000,000 for 70% LTV
  • No Minimum income requirements, but must be employed/self employed and supply last 3 months bank statements
  • Rental income must cover 125% of the interest payment or reversion rate which ever is the higher
  • Age range 25 to 75
  • Maximum 1 property with Precise mortgages, but unlimited portfolio size with other lenders

Near Prime Bridge to Let Product and Criteria details:

  • Allowable adverse Credit
  • Defaults – none in last 12 months with max 1 default in the last 24 months (max £1500)
  • CCJs – none in last 12 months with max 1 default in the last 24 months (max £1500)
  • Arrears – none in last 12 months and maximum 1 month in the last 36
  • Rates from 5.39%
  • Maximum 1 property with Precise mortgages, but unlimited portfolio size with other lenders

 

If you would like our preferred broker to help raise finance for the above type of project please complete the form below and provide a short overview of the deal and your requirements or call us on 01603 489118 and we will do our very best to help.

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