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Posts Tagged ‘Bridge to Let’

Bridge to Let

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What is it?

It’s one or two products with the same lender. The first part is a short term/bridging loan to enable you to purchase the property and refurbish it. Once complete the second part allows you to take out a long-term mortgage against the increased value and rent.

Example

• Purchase Price £200,000 – initial loan £150,000
• Cost of works £30,000
• After works value £300,000 – BTL mortgage of £225,000 at 75% LTV
• Term to complete works 2 months
• After works rental £15,000 pa

Process

Purchase property with a loan of 70%-75% of current value
Complete the work with your own funds
Apply for the BTL mortgage 2 weeks before work is completed
BTL mortgage agreed subject to new valuation
Valuation carried out and confirms £300,000 value
New mortgage agreed at 75% -80% of increased value

Contact us now to see how we can help you as we don’t expect this product to be around for long

All products are aimed at UK business BTL landlords and subject to underwriting. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.

New HMO & Limited Company BTL Lender

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Today Precise Mortgages has brought out a new range of limited company and HMO buy to let products for the first time.

Starting from 4.09% the products are available up to a £3 million loan size and through Searchlight Finance an enhanced borrowing of 80% LTV can be secured through our semi exclusive products.

Highlights of these great new products include:

• Semi Exclusive 80% products
• Personal ownership to limited companies will be allowed with equity gifts and capital raising, and newly formed SPVs will also be permitted.
• HMO properties with up to 6 bedrooms accepted.
• HMO property purchases through a limited company considered.
• A competitive range of fixed and tracker rate products are available.
• The maximum age at application is 80 and the maximum term 30 years.
• Unlimited properties with other lenders and up to 10 properties to a maximum of £5m with Precise Mortgages will be accepted.

To access the HMO products you need to have owned at least 2 properties for 2 years. To see if you meet criteria contact us today.

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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