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The 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:
Near Prime Bridge to Let Product and Criteria details:
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