10:09 AM, 6th August 2013, About 10 years ago
The Mortgage Works have withdrawn their popular and industry leading Light Refurb product, which allowed a property to be financed using a Buy to Let mortgage even though it required a small amount of work before it could be Let (usually a lender will insist on a full retention if the property is not in rentable condition). However as one door closes another opens and Precise Mortgages Bridge to Let product allows borrowers to switch their bridging loan into a Buy to Let product after four months.
There are no additional valuation or legal fees and customers are allowed to take a Buy to Let loan up to 75% of the property’s post works valuation.
To date Bridge to Let products have been useful but the monthly interest rate on the buy to let element has not been competitive and expensive when compared with normal Buy to Let rates.
Bridge to Let is available to:
• Property investors who are carrying out refurbishment works before letting a property.
• Property investors who want to refurbish a property and use the profits to re-invest in a new project.
• Bridge to let products are only available to Precise Mortgages Bridging customers.
• Not available to first time landlords.
• Select any Precise Mortgages Bridge Product (there are no restrictions).
• Minimum Bridge Term is 4 months.
The Buy to Let:
• Free legals and valuation when exiting a Precise Bridge.
• Choose a Buy to Let product from the Bridge to Let range.
• Max LTV is 75%.
• Min term 5 years, max term 30 years.
If you require any assistance with this type of product or finance please complete the form below.
Mortgages, Commercial and Bridging Finance, Life Insurance, Wills, Trusts and LPA's