TBMC has joined forces with Precise Mortgages to pilot a new buy-to-let refurbishment product.
The product includes initial bridging finance up to 75% loan-to-value (LTV) with rates from 0.49% per month, followed by a guaranteed exit onto a buy-to-let mortgage up to 80% LTV with rates from 2.89%.
Jane Simpson, managing director of TBMC, said: “Launching a new refurbishment product with Precise Mortgages is fantastic news for the buy-to-let mortgage market as this niche area has been woefully underserved in recent years, so it will really plug a gap.”
“The product offers an excellent opportunity for buy-to-let investors, especially those who are looking to carry out works to meet minimum EPC ratings; purchase at auction and carry out light refurbishments before letting; make improvements to maximise rental yields; or purchase properties under valuation.
“We are expecting this to generate a lot of interest over the coming months and it should provide additional revenues for intermediaries in the buy-to-let market.”