The rate will be 5% with a 1% loading during the refurbishment phase and the loans will be based on 70% LTV after refurbishment with a works retention at outset.

David Whittaker, managing director of Mortgages for Business, said the product is designed to make the process of investing in property in need of renovation easier.

He added: “Investors are suffering the burden of going through the loan process based on initial purchase price and paying all the costs associated with it. They then have to go through this again once the refurbishment is complete – often with a different lender who uses a different panel of valuers and conveyancers. This product will streamline that process and bring the total cost of financing these properties down.”

Sponsored

£2.5m paid to help broker clients benefit from greener homes

Sponsored by Halifax Intermediaries