Kent Reliance, part of challenger bank the OneSavings Bank Group, has announced details of a new buy-to-let light refurbishment product designed for professional landlords.
The deal allows a property to be upgraded and the increase in value to be realised. Uniquely in the market, landlords are able to draw up to 75% of the value of the improved property with no limit up to the maximum loan size. Loans will be made with a maximum 75% of initial value and drawdown will be based a revaluation after four months. The light refurb mortgages are available on either a repayment or interest only basis.
John Eastgate, sales and marketing director at Kent Reliance, said: “We are very excited to add this product to our competitive buy-to-let range. It is ideal for professional landlords looking to grow their portfolio, and maximise income from properties with development potential.”
“Regular investors can improve property with the confidence that they can unlock that investment and use it for growing their portfolio further.”
Kent Reliance said the light refurb product has been designed in response to demand from experienced landlords and specialist intermediaries serving them.
It has an initial (discounted variable) rate of 4.49% with a maximum loan-to-value of 75%. A product fee of 2% applies and there are early repayment charges for two years. The minimum loan size is £100,000 and maximum £1,000,000. Works must be completed within four months of the initial advance.
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