Adrian Moloney

Precise Mortgages brings back refurb BTL

Precise Mortgages has relaunched its refurbishment BTL proposition.

It includes a bridging product with rates from 0.54% per month, followed by an exit onto a long-term BTL mortgage, which does not need to be repaid while the refurbishment works are being completed.

Landlords can borrow up to 65% LTV on the bridging loan, and 75% of the post-works valuation on the exit BTL mortgage.

One application form will produce two offers (one for the bridging loan and one for the BTL), as well as two procuration fees.

Adrian Moloney, group sales director at OneSavings Bank (pictured above), said: “The relaunch of our popular refurbishment BTL proposition demonstrates how committed we are to supporting the market and our broker partners.

“Landlords have traditionally faced difficulty in securing finance to refurbish a property before letting it out. 

“Refurbishment BTL enables them to do so, by bringing together the flexibility of bridging finance together with the surety of an exit onto a long-term BTL once the improvement work has been completed, provided the property meets the expected valuation following refurbishment.”

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