Refurbishment buy to let mortgage
New for 2014! - Finance buy to let property refurbishment
A brand new Buy-to-Let product has been launched into the marketplace to help you if you want to buy a property in need of refurbishment.
Property refurbishment as a buy to let strategy
Since 2010 refurbishment has been growing in popularity as landlords purchase rundown properties to renovate and rent.
Doug Hall wrote about the financing options for the Resdiential Landlords Association in 2013.
If you are considering a light refurb btl purchase, you can learn more about the criteria for theis type of finance.
Criteria for 'Light Refurbishment Scheme'
The “Light Refurbishment Scheme” is available for single self-contained properties in England and Wales.
This will enable you to fund the refurbishment of a property to bring it up to lettable standards.
Multi-unit, HMOs and part-commercial properties are not eligible.
- Up to 75% Loan to Value £500,000
- Up to 70% Loan to Value £1,000,000
- Up to 65% Loan to Value £2,000,000
- Minimum property valuation of £75,000 (pre and post work)
- Any retention will be released after approved works are completed and re-inspected
- Valuation carried out on a pre-work and post-work basis
- Minimum retention £2,500, maximum of £25,000
This type of product has not been available in the marketplace for some time, so if it could help with your next purchase, get in touch today to see if this is the right product for you.
Our Freephone and local rate numbers are above so that you can speak directly to a buy to let advisor.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.