Precise rolls-out refurb buy-to-let product to whole market

Precise said brokers who used the process during the pilot scheme report completing cases within 17 days from start to finish.

Specialist Lending Solutions revealed the launch of the product in August, which consists of a refurbishment bridging loan that will convert to a standard buy to let once the property has been renovated.

The buy-to-let mortgage offer will remain valid for six months and underwriters will be available to help brokers throughout the process.

Interest can be rolled-up during the short-term lending and before the buy to let is generating rental income.

Precise Mortgages managing director Alan Cleary said: “With landlords looking at different ways of boosting their profits, this product gives them a new way of increasing rental yields and capital values.

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

“This product enables them to do so, and it is backed up with a host of features which are designed to make applying for it as easy as possible.”

Crystal Specialist Finance was one of the firms on the pilot. Manging director Joe Breeden added: “We completed a Refurb Buy to Let case in 17 days from start to finish. We have a very happy client, a positive outcome and a good experience.”