TBMC and Precise Mortgages pilot new BTL refurbishment product

TBMC has teamed up with Precise Mortgages to pilot a new buy to let refurbishment product.

The product consists of bridging finance of up to 75 per cent LTV at rates from 0.49 per cent a month with a minimum loan of £50,000, then a guaranteed exit onto a BTL mortgage of up to 80 per cent LTV on rates starting from 2.89 per cent.

The specialist buy to let broker hopes that the niche aspect of its new offering will “really plug a gap”.

TBMC managing director Jane Simpson says: “[This] 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.”

Recommended

Bridging loans made simple

There are various options for fast, short-term funding available – but in the property world, a bridging loan is an increasingly popular option. Designed specifically to bridge the gap in funding, they can help with everything from buying a property on a tight deadline, to small or large-scale developments. To get you up to speed […]

Fairfax-Chris-2017

Bridging Watch — New lenders: prove your worth

Pricing, risk and process are key to catching the eye of brokers. It feels like a new bridging lender is launching every week. Most recently, City of London Group unveiled Property and Funding Solutions and I have had more than 20 other new players request to be added to our panel in the last six […]

Houses, house, property, monopoly

“Overwhelming support” for Mortgage Sleep Out as 40 firms sign up

Brightstar boss Rob Jupp says that he has been “overwhelmed” by the industry’s immediate supportive response to his idea for a Mortgage Sleep Out with 40 firms committing to joining the initiative since he first tweeted about it on Tuesday. The idea came about after Jupp had been struck by the number of rough sleepers […]

A-very-textured-and-stylized-image-of-Scotland.jpg
1

Landlords dump Scottish property

Figures released by the National Landlords Association show that 24 per cent of landlords with exposure to Scotland sold property in Q2 2018. Alongside this, 5 per cent of landlords bought property within the same time frame. The NLA blames the Scottish Private Residential Tenancy reform for this imbalance, which commenced on 1 December 2017 […]

Newsletter

News and expert analysis straight to your inbox

Sign up