Refurbishment Buy to Let
| Bridging Finance | |||
| Maximum LTV | Loan Amount | Minimum Property Value | Rates from |
|---|---|---|---|
| Up to 75% LTV | Minimum: £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 LTV | Loan Amount | Minimum Property Value | Rates from |
|---|---|---|---|
| Up to 80% LTV | Minimum: £55,000 Maximum: £3m (£1m HMO) | £50,000 (£150,000 in London) HMOs: £100,000 (£250,000 in London | 2.89% |
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
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 0330 173 6570 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) | |||
| LTV | Net Loan Size > £200,000 | Net Loan Size < £200,000 | Facility 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 Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Fixed | 3.94% | 1.50% | 4% Years 1 and 2 3% Years 3 and 4, 2% Year 5 | LIBOR + 5.18% | UBI18 | |
| 5 Year Fixed | 3.94% | 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 Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Fixed | 3.49% | 2.00% | 4% Years 1 and 2 3% Years 3 and 4 2% Year 5 | LIBOR + 5.18% | UBI19 | |
| Tier 2 – 80% LTV | ||||||
| Product Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Fixed | 4.94% | 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 Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Fixed | 4.49% | 2.00% | 4% Years 1 and 2 3% Years 3 and 4 2% Year 5 | LIBOR + 5.18% | UBI22 | |
| Tier 3 – 80% LTV | ||||||
| Product Type | Rate | Product Fee | ERC | Reversion Rate | Product 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 Fixed | 4.94% | 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 Refurbishment | HMO 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 us | Contact 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 | |||
| Conveyancers | Telephone | Website | Address |
|---|---|---|---|
| Blacks Solicitors LLP | 01132 070000 | www.lawblacks.com | City Point, 29 King Street, Leeds, LS1 2HL |
| GWlegal | 0345 373 3737 | gw.legal | GWlegal, 4th Floor, 20 Chapel Street, Liverpool, L3 9GW |
| Gordons Property Lawyers | 01628 308380 | www.gplawyers.co.uk | SC House, Vanwall Road, Maidenhead, Berkshire, SL6 4UB |
| JMW | 03458 726666 | www.jmw.co.uk | 1 Byrom Place, Manchester, M3 3HG |
| Lightfoots | 01844 212305 | www.lightfoots.co.uk | 1-3 High Street, Thame, OX9 2BX |
| Ratio Law | 01614 649540 | www.ratiolaw.co.uk | Hanover House, 30-32 Charlotte Street, Manchester, M1 4FD |
| Scotland | |||
| Conveyancers | Telephone | Website | Address |
|---|---|---|---|
| Aberdein Considine | 0333 0066113 | www.acandco.com | 7 – 9 Bon Accord Crescent, Aberdeen, AB11 6DN |
| Your Conveyancer | 03445 767777 | yourconveyancer.co.uk | 87 High Street, Dunfermline, KY12 7DR |