Trusted Mortgage Advice | Neil Soundy Financial Services - BUY TO LET LIGHT REFURBISHMENT MORTGAGES FOR LANDLORDS - Neil Soundy Financial Services

Trusted Mortgage Advice | Neil Soundy Financial Services – BUY TO LET LIGHT REFURBISHMENT MORTGAGES FOR LANDLORDS

THESE MORTGAGES GIVES THE LANDLORD THE OPPORTUNITY FOR INCREASED EQUITY & HIGHER RENTAL INCOME

If a property needs refurbishment, it’s common sense to get the work done. Sometimes you need to make improvements before the property is suitable for tenants; sometimes you know that certain minor refurbishments may add value to your property investment, or increase the rental yield. So you need a mortgage deal that allows you to go ahead with the necessary work

With a Light Refurbishment mortgage, it may be possible to take advantage of an investment opportunity. If a property needs modernisation, you can go ahead knowing that the money spent on refurbishments could be replenished when the work is completed. Eg New kitchen /bathroom etc

There is a restricted choice of lenders who are willing to lend on this basis. Maximum lending is 75% loan to value.

Below we have highlighted a few features of each lender:-

 Aldermore Commercial 

  • Available to 70% LTV of the post works value 
  • 65% LTV of the day one value 
  • Rates from 5% over 3 month Libor, 1% loading during refurb period 
  • Interest only for term available

Saffron Building Society

  • Available to 75% LTV of the post works value 
  • 75% LTV of the day one value 
  • 5.89% – 2 Yr variable rate + 0.50% with 2 Yr ERC  
  • Does not need to have a kitchen and bathroom 

Shawbrook Bank

  • Available to 70% of the post works value 
  • 70% LTV of the day one value
  • Rates from 5.45% over 3 month Libor
  • Interest only for the term available

Note. All cases are subject to a full lenders underwrite and assessment.

 

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage