Tiuta launches Bridge To Let which ignores defaults
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Tiuta has launched a new Bridge to Let deal which will ignore all defaults, allow one CCJ and one missed mortgage payment.
It allows for one CCJ to a maximum value of £500 satisfied or unsatisfied and one missed mortgage payment in the last 12 months, with none in the last six months.
Savills Lending Solutions, Manor Mortgages and Pavilion Securities are offering the deal, which allows clients to borrow 70% of the open market value of the property before refurbishing the property and switching to a buy-to-let deal.
The interest rate on the buy-to-let deal is 7.99% for two-years.
It is also offering a second deal which does not allow defaults or CCJs, which offers 100% of the purchase price or 75% of the open market value if they wish to refurbish a property, with a guaranteed exit after six months.
Applicants will then have the ability to borrow 75% of the refurbished value on a two-year fixed rate buy-to-let deal at 6.99%.
Rob Jupp, director of SLS, says: “This is an innovative product that allows professional investors to fund schemes requiring refurbishment, and after this lets them move onto a competitive fixed rate buy-to-let deal.
“Tiuta is an inventive lender and we are delighted to continue our long-standing relationship with it.”
Guy Garrard, head of business development at Tiuta, says: “This is an intermediary-only product that has been carefully thought out and we believe it will be well received by brokers.
“Controlled distribution and choosing the most appropriate strategic partnerships remain key to our proposition, and we believe that this route to market will continue to be the one that best serves the intermediary marketplace.”
