Precise Mortgages has relaunched its refurbishment buy-to-let proposition.
Refurbishment buy-to-let is designed to help landlords maximise their rental yields by refurbishing a target property before renting it out, as well as enabling them to take value from the property to reinvest elsewhere.
The proposition includes a bridging product with rates from 0.54% per month, followed by an exit onto a long-term buy-to-let mortgage, which does not need to be repaid whilst the refurbishment works are being completed.
Landlords can borrow up to 65% LTV on the bridge and 75% of the post-works valuation on the exit buy-to-let mortgage to help borrowers maximise cash flow.
One application form will produce two offers (one for the bridge and one for the buy-to-let), as well as two procuration fees.
Adrian Moloney, group sales director at OneSavings Bank, said: “The relaunch of our popular refurbishment buy-to-let proposition demonstrates how committed we are to supporting the market and our broker partners.
“Landlords have traditionally faced difficulty in securing finance to refurbish a property before letting it out.
“Refurbishment buy-to-let enables them to do so by bringing together the flexibility of bridging finance together with the surety of an exit onto a long-term buy-to-let once the improvement work has been completed, provided the property meets the expected valuation following refurbishment.”