New product for landlords buying properties in need of renovation
Precise Mortgages has launched the only UK ‘Bridge to Let’ product aimed at property investors and professional landlords.
As the first of its kind the product allows the borrower to switch to the buy to let element of the loan after four months.
Bridging finance is often used by property investors and professional landlords who are buying a property in need of significant refurbishment, at auction or off plan. In instances such as this they are often unable to secure a standard buy to let mortgage.
Alan Cleary is the Managing Director of the intermediary-only lender:
“This is what [mortgage] intermediaries have been asking us for and I hope we have exceeded their expectations with this product.
“This is great news for property investors as this will facilitate them in paying down the bridging element in double quick time, saving them potentially significant sums of money.”
A bridging loan is a method of financing the purchase of a property for a short period of time. Such a loan should never been seen as a long term financial option and investors are strongly advised to have a realistic exit strategy.
Content correct at time of publication