Select Page

REFURBISHMENT BUY TO LET

Our Refurbishment Buy to Let product offers your customer the best of both worlds when financing a refurbishment project – the flexibility of Bridging Finance with the security of a long term mortgage once the property has been refurbished.
Bridging Finance
Maximum LTVLoan AmountMinimum Property ValueRates from
Up to 75% LTVMinimum: £50,000
Maximum: Unlimited
£50,000 (£100,000 in London)
HMOs: £100,000
(£250,000 in London
0.49% per month
Buy to Let Mortgages
Maximum LTVLoan AmountMinimum Property ValueRates from
Up to 80% LTVMinimum: £55,000
Maximum: £3m (£1m HMO)
£50,000 (£150,000 in London)
HMOs: £100,000
(£250,000 in London
2.89%
A

Key features

  • Guaranteed exit onto buy-to-let mortgage
  • Underwriters on hand to help throughout the process
  • Buy-to-let mortgage Offer will remain valid for 6 months
Z

Ideal for:

  • Properties needing works to meet minimum EPC rating, such as boiler replacement
  • Properties purchased at auction that require light refurbishment to be acceptable for mortgage purposes
  • Landlords choosing to refurbish in order to maximise the rental yield of their property
  • Properties bought under valuation

How it Works

Contact

Contact us on 0117 223 2050 to discuss how we can help with your refurbishment buy to let

Application

Review the refurbishment buy to let products on the next page to select the most suitable product for your customer, then simply complete our application pack. We will contact you within four hours to discuss your application.

Initial Assessment

Our team will key the application, saving you valuable time. We will make an assessment of the case. We will issue a KFI based on your customer’s product selection and let you know of any additional information we may need.

Valuation

Once the customer is happy they can pay the valuation fee, we will collect and instruct the inspection, giving your customer a guaranteed exit providing there are no changes and the property meets the expected post works valuation.

Offers

We will issue two offers; one for Bridging Finance and one for the Buy to Let Mortgage.

Bridge Completes

Funds are released and works on the property can commence.

Re-Inspection

You can contact us when the property is ready to be inspected by the valuer. There will be no additional fee to pay as this is included in the original fees.

Completion

If the valuation is returned as expected and there are no changes the case will complete on the Buy to Let Mortgage and the Bridging Finance will be repaid.

Products

Bridging Finance for Refurbishment

Light Refurbishment (All rates are per month)
LTVNet Loan Size > £200,000Net Loan Size < £200,000Facility Fee
50%0.49%0.54%0.75%
65%0.59%0.64%0.75%
70%0.69%0.74%0.75%
75%0.75%0.79%0.75%

Buy to Let Mortgages for Completed Refurbishments

Tier 1 – 75% LTV
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
2.83%
2.99%
1.50%
1.50%
4% Year 1
3% Year 2
LIBOR + 4.57%UBI25
UBI27
5 Year Fixed
5 Year Fixed
5 Year Fixed
3.39%
3.49%
3.59%
2.50%
1.50%
1.00%
4% years 1 and 2
3% years 3 and 4
2% year 5
LIBOR + 5.19%UBI14
UBI13
UBI15
Tier 1 – 80% LTV
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
3.63%
3.49%
1.50%4% Year 1
3% Year 2
LIBOR + 4.57%UBI29
UBI30
5 Year Fixed3.94%1.50%4% Years 1 and 2
3% Years 3 and 4,
2% Year 5
LIBOR + 5.18%UBI18
5 Year Fixed3.94%2.00%4% Years 1 and 2
3% Years 3 and 4
2% Year 5
LIBOR + 5.18%UBI21
Tier 2 – 75% LTV
Adverse Credit: No CCJs or Defaults in last 24 months; No missed mortgage/secured loan payments in last 36 months;
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
2.83%
2.99%
2.00%
2.00%
4% Year 1
3% Year 2
LIBOR + 4.57%UBI31
UBI33
5 Year Fixed3.49%2.00%4% Years 1 and 2
3% Years 3 and 4
2% Year 5
LIBOR + 5.18%UBI19
Tier 2 – 80% LTV
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
3.63%
3.49%
2.00%4% Year 1
3% Year 2
LIBOR + 4.57%UBI35
UBI36
2 Year Tracker
2 Year Fixed
4.63%
4.49%
2.00%4% Year 1
3% Year 2
LIBOR + 4.57%UBI41
UBI 42
5 Year Fixed4.94%2.00%4% Years 1 and 2
3% Years 3 and 4
2% Year 5
LIBOR + 5.18%UBI24
Tier 3 – 75% LTV
Adverse Credit: No CCJs or Defaults in last 12 months, 2x allowed in last 24 months; No missed mortgage/secured loan payments in last 12 months, 1x allowed in last 36 months
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
3.83%
3.99%
2.00%4% Year 1
3% Year 2
LIBOR + 4.57%UBI37
UBI39
5 Year Fixed4.49%2.00%4% Years 1 and 2
3% Years 3 and 4
2% Year 5
LIBOR + 5.18%UBI22
Tier 3 – 80% LTV
Product TypeRateProduct FeeERCReversion RateProduct Code
2 Year Tracker
2 Year Fixed
4.63%
4.49%
2.00%4% Year 1
3% Year 2
LIBOR + 4.57%UBI41
UBI 42
5 Year Fixed4.94%2.00%4% Years 1 and 2
3% Years 3 and 4
2% Year 5
LIBOR + 5.18%UBI24

Fees and Conveyancers

The valuation fees described Below include a £250 valuation assessment fee and cover the initial valuation and one re-inspection once the works are complete. Once a valuation has been carried out the valuation fee is non-refundable. In all instances the valuation will be carried out on behalf of Precise Mortgages. All of the valuation fees opposite are inclusive of VAT (where applicable).

Payable at Initial Application
Purchase price or estimated value (up to)Light RefurbishmentHMO Light Refurbishment
£100,000£515£750
£150,000£550£750
£200,000£585£765
£300,000£610£835
£400,000£635£895
£500,000£680£955
£600,000£730£1,020
£700,000£780£1,080
£800,000£835£1,190
£900,000£890£1,265
£1,000,000£985£1,335
£1,000,000 +Contact usContact us
@

Payable at Bridging Completion

  • Facility fee: 0.75%
  • Refurbishment assessment fee: £295
  • Telegraphic transfer fee: £25
@

Payable at Buy to Let Completion

  • Facility fee: 0.75%
  • Refurbishment assessment fee: £295
  • Telegraphic transfer fee: £25

Conveyancing Panel

We work with conveyancers who have a thorough understanding of the speed and service requirements for Refurb Buy to Let transactions and are available to act on both the bridging loan and buy to let mortgage.

The following conveyancers maybe able to offer a discount on fees, please contact them for further information.

England and Wales
ConveyancersTelephoneWebsiteAddress
Blacks Solicitors LLP01132 070000www.lawblacks.comCity Point, 29 King Street, Leeds, LS1 2HL
GWlegal0345 373 3737gw.legalGWlegal, 4th Floor, 20 Chapel Street, Liverpool, L3 9GW
Gordons Property Lawyers01628 308380www.gplawyers.co.ukSC House, Vanwall Road, Maidenhead, Berkshire, SL6 4UB
JMW03458 726666www.jmw.co.uk1 Byrom Place, Manchester, M3 3HG
Lightfoots01844 212305www.lightfoots.co.uk1-3 High Street, Thame, OX9 2BX
Ratio Law01614 649540www.ratiolaw.co.ukHanover House, 30-32 Charlotte Street, Manchester, M1 4FD
Scotland
ConveyancersTelephoneWebsiteAddress
Aberdein Considine0333 0066113www.acandco.com7 – 9 Bon Accord Crescent, Aberdeen, AB11 6DN
Your Conveyancer03445 767777yourconveyancer.co.uk87 High Street, Dunfermline, KY12 7DR