Initially, up to 70% of the current value of the property can be advanced. Once the works have been completed, 70% of the after works value to a maximum of £25,000 can be released, subject to a successful re-inspection. The works must be carried out within three months of completion and prior to letting.
Larry Banda, managing director, The Mortgage Works, said: “Throughout these challenging times, The Mortgage Works has continued to support buy to let landlords with the development of common sense products. The new buy to let light refurbishment range is an example of this. It will enable landlords to purchase properties in need of some improvement and carry out the works, potentially increasing the value of the property and rental income. This gives them the opportunity to maximise their investment.”