New product update · Make Money In UK Property

Suzi Golt

Jul 2 • 💷 Funding & Finance

New product update

A couple of weeks ago I mentioned I'd had a whisper about a new finance product coming to market.

Well...it's been launched 😃 I've finally had chance to go through all of the criteria properly.

We tend to think in two boxes:

✔️ Property is lettable → Standard BTL.

✔️ Property isn't lettable → Bridge it, refurb it, then remortgage.

This product sits somewhere in the middle, like a bridge to let, but without the cost!

It's designed for light refurbishment that costs up to 25% of the purchase price. So more than a tidy up, less than a heavy refurb and where the property isn't ready to let on day one. The lender assesses both the current value and the expected value once the agreed works are completed. You complete on a term BTL mortgage with term mortgage type rates, carry out the refurbishment, and once the works have been signed off and works confirmed as completed, the retained funds are released.

It won't replace bridging. Heavy refurb, structural works and bigger conversions will still need different funding.

But for the right project, I think it's a really interesting addition to the market and might make the difference between something being a deal or not.

I can already think of a few recent deals where this would have been a really good fit.

If you're looking to fund a tired BTL purchase or refurb project, it's worth looking into 👍

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New product update