BRIDGING FINANCE AND A BUY-TO-LET MORTGAGE. IN ONE.
Thanks to the innovative Refurbishment Buy-to-let Product by Precise Mortgages, you can now access the flexibility of bridging finance and the security of a long-term buy-to-let mortgage, in one simple package.
That means One form. One underwriter. One valuer. One solicitor.
Great news for property investors and landlords
The perfect product to help you cut the cost and the refurbishment red tape:
- Streamlined process
- Invest with as little as 25% deposit
- Get both offers simultaneously
- 6 month bridging facility with rates from 0.49%
- No mortgage payments required whilst works are being completed
- Surety of exit on a buy-to-let mortgage with a choice of 2 & 5 year fixed rates from 2.89%
- Buy-to-let offered rate guaranteed for period of offer – even if rates increase during the bridging finance stage
- Buy-to-let loan to value based on the post works value
- Fewer transactions for reduced solicitor costs
- Properties needing works to meet minimum EPC rating, such as boiler replacement
- Properties purchased at auction that require light refurbishment to be acceptable for mortgage purposes (including new kitchens and bathrooms)
- Landlords choosing to refurbish in order to maximise the rental yield of their property (including HMOs but not change of use to HMO)
- Properties bought under valuation
How does it work?
- STEP 1 – CONTACT: -Call our specialist buy-to-let team on 01277 508 959 (option 1 then 3) to discuss how we can help
- STEP 2 – INITIAL ASSESSMENT: Complete the enquiry form that your dedicated consultant will email to you. Our team will key the application, saving you valuable time. The lender will make an initial assessment of the case. A KFI will be issued based on your product selection and we will let you know of any additional information the lender may need
- STEP 3 – VALUATION: Once you’re happy, the valuation fee will be due, we will collect and instruct the inspection, giving you the surety of an exit mortgage, providing there are no changes and the property meets the expected post works valuation
- STEP 4 – OFFERS ISSUED: You will receive two offers; one for bridging finance and one for the buy-to-let mortgage
- STEP 5 – BRIDGING FINANCE COMPLETES: Funds are released and works on the property can commence
- STEP 6 – RE-INSEPECTION: Contact us when the property is ready to be inspected by the valuer. There will be no additional fee to pay as this is included in the original fees
- STEP 7 – COMPLETION: If the valuation is returned as expected and there are no changes, the case will complete on the buy-to-let mortgage and the bridging finance will be repaid
FOR FULL PRODUCT INFORMATION ON OR TO OPEN A NEW ENQUIRY, CALL OUR TEAM OF EXPERTS ON 01277 508 959 (option 1 then 3)
- Borrowing £100,000
- Property Value £200,000
- Rate 0.49% per month
- Term 3 months
- Retained Interest
- Gross Loan £101,801.94
- Interest Amount £1,481.94
- Borrowing £101,801.94
- Property Value £250,000
- Rate 2 year Fixed 2.99%
- Product Fee 2%
- Total Borrowing £103,837.98
- Term 25 years
- Payment Type Interest Only
- Monthly Payment £258.73
THE MORTGAGE PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
BRIGHTSTAR FINANCIAL LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. OUR FINANCIAL SERVICES REGISTER NUMBER IS: 712700. YOU CAN CHECK THIS ON THE FINANCIAL SERVICES REGISTER BY VISITING THE FCA’S WEBSITE WWW.FCA.ORG.UK/REGISTER OR BY CONTACTING THE FCA ON 0800 111 6768. BRIGHTSTAR FINANCIAL LIMITED’S REGISTERED OFFICE IS: THE HUB, LAKE MEADOWS BUSINESS PARK, WOODBROOK CRESCENT, BILLERICAY, ESSEX, CM12 0EQ. REGISTERED IN ENGLAND AND WALES COMPANY NO: 07462342.