UX Mortgages and bridging loan provider Tiuta has launched a combined bridge and buy-to-let mortgage with a joint application and underwriting process.
The providers say the product – Dual – is the first to combine the two elements and to guarantee that the bridging loan will be transferred into a remortgage as a longer term option.
It is designed for professional in-vestors who need upfront funds for quick purchasing, but also the security of knowing that they will be approved for mortgages in the long term.
Randeesh Sandhu, managing director of UX, says: “Dual offers investors the peace of mind of a guaranteed mortgage and could potentially save purchasers thousands of pounds in interest compared with the traditional bridging model.”
Gary Booth, director of Tiuta, says: “This is a great opportunity for brokers to earn two sets of commission for completing one application process.”
Cobalt Capital partner Andrew Montlake says: “Speed and service are king and it will be interesting to see whether UX can rise to the challenge.”