Buy to Let Light Refurbishment Mortgages

What are Buy to Let Light Refurbishment Mortgages?

It is possible to get a ‘Refurb to Let’ mortgage product with no monthly payment but provides a fixed rate rolled up to redemption.

Available as a 1st or 2nd charge loan (meaning no need to disturb the existing loan).

Summary of lending criteria:

  • For light refurbishment properties not requiring planning permission or building regulations
  • For light refurbishment properties not requiring change of use or purpose of the property concerned
  • No DIY projects (unless, by exception, lending to a professional tradesperson)
  • All works musts be completed within 6 months
  • Revaluation of the property after 6 months will be arranged, to assess market value post-works
  • No minimum income requirement but applicant must demonstrate ability to service primary loan during refurbishment stage

Product details (information accurate at time of publishing):

  • No monthly payments
  • No maximum applicant age limit
  • No additional stress test on rental income
  • Fixed rates from 6.59% per annum (this equates to 0.6% per month)
  • Loan term: 12 months
  • No Early Repayment Charges
  • 1st charge – borrow up to 70% of the property value
  • 2nd charge (combined including any 1st charge mortgage) – varies up to 79% LTV (including any rolled up interest) determined on a case by case basis
  • Limited company applications accepted
  • 2% Arrangement Fee
  • 2% Redemption Fee

Loans are subject to status, Terms and Conditions. The Applicant’s property may be repossessed if they do not keep up repayments on a mortgage or any other debt secured on it.

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