Refurbishment - bridge to let

Landlords looking at doing a refurbishment of a potential buy-to-let property can now take advantage of bridging finance during the development period and then move on to a long-term buy-to-let mortgage once works have been completed.

The 'bridge to let' finance is provided by Tiuta and is available through mortgage broker TBMC.

The product consists of a six month bridging loan up to 75% of the open market value at 1.65% per month whilst works are carried out, followed by a two-year 6.99% fixed buy-to-let mortgage.

Andy Young, chief executive officer at TBMC, said:"We are pleased to offer this niche product which will be useful for professional landlords looking to purchase bargain properties in need of some refurbishment. For the right investor, this product enables portfolio development and leaves little capital tied up at the end of the term."

Guy Garrard, head of business development at Tiuta, added: "In today’s lending market, many landlords are experiencing difficulty arranging buy-to-let finance for properties that need upgrading before letting them out. They have access to bridging finance for refurbishment but no guaranteed exit route. Tiuta’s bridge-to-let scheme caters specifically for this type of property investment, giving landlords the security of a buy-to-let mortgage after completion of the works."

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