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Tuesday, February 19, 2013

New Refurbishment BTL Mortgage

Property Hawk Mortgages, has a new  buy-to-let mortgage specifically for light refurbishment works with Saffron Building Society. It is aimed at landlords wishing to purchase or remortgage a property that requires a level of light refurbishment before renting the property. The initial rate is 5.89% variable (SVR + 0.5%) for 2 years with a 2.5% arrangement fee. The initial advance is up to 75% of the current value, with up to 75% of the after-works value available on completion of the works.

Andy Young, at Property Hawk Mortgages, says: “There is a high level of interest from landlords in refurbishing buy-to-let properties, but there are very few products that cater specifically for this segment of the market. This product from Saffron Building Society is unique in the marketplace as it offers up to 75% of the end value, which enables landlords to recoup the money they have spent on refurbishment as soon as the work is finished.

“Carrying out minor refurbishments, such as installing a new kitchen, can make a huge difference to the attractiveness of a property and can really impact potential rental charges. This is a very useful product which landlords can use to expand their portfolios or improve their existing buy-to-let properties.”

This new light refurbishment product available via Property Hawk Mortgage offers:

For existing landlords that wish to purchase or remortgage a property that requires a level of light refurbishment before renting the property
  • Initial advance up to 75% of current value 
  • Up to 75% of after-works value with no cap on the final drawdown, which can be released on completion of works 
  • 125% rental cover based on after-works valuation 
  • Evidence of 3 months mortgage payments whilst refurbishment works undertaken 
  • Work must be completed within 3 months of completion and prior to letting out
Up to 75% of the end value 
5.89% variable rate (SVR + 0.5%) 2 years 5.60% 
APR Lender's Standard Variable Rate of 5.39% for the remainder of the term 
125% at payrate 2% for 2 years 2.5%
An application fee will normally apply

Search the whole BTL mortgage market free

Tel: 029 2069 5446 

Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Services Authority does not regulate some forms of mortgage.

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