Does your landlord customer need help refurbishing a property before letting it out?
By Liza Campion, Head of Corporate Account, Precise Mortgages
We’re a nation of DIY lovers. When it comes to the weekend or a Bank Holiday, many of us enjoy looking after and refurbishing our homes by giving the living room a fresh lick of paint, putting up new wallpaper or building some flat-pack furniture.
And it seems as though the pandemic has given us even more of an excuse to catch up on some jobs around the house, with the latest figures from home improvement store Wickes showing sales are around 27% up on where they were in the same period in 20191.
If you’ve got a landlord customer who’s looking to purchase a new property and do some home improvements of their own before letting it out, our improved refurbishment buy to let offering could be the ideal solution.
For those of you who aren’t familiar with refurbishment buy to let, basically it allows your customer to carry out work to bring a property up to a habitable standard, for example by decorating, installing a new kitchen or fitting double glazing.
It works by giving customers access to the flexibility of bridging finance with the surety of an exit on to a long-term buy to let mortgage once the property has been refurbished, providing there’s no change in circumstances and the property meets the expected valuation following completion of the work.
This could be ideal for landlords who are looking to make changes to a property that can be completed within six months and which is classed as either light refurbishment or work completed under selected Permitted Development Rights where there is no change to the footprint or structure of the property.
- Changing the use of a property to a small HMO with up to six bedrooms.
- Changing the use of a garage or loft to a habitable room.
- Carrying out work to meet the minimum EPC rating, such as replacing a boiler.
- Refurbishing a property to maximise the rental yield.
- As well as benefitting your customers, we’ve made the process of applying for it as easy as possible.
At Precise Mortgages you only need to submit one application, which we’ll key for you, and you’ll receive support from one expert underwriter throughout the whole case. One valuer will assess the property (where possible) and one conveyancer can act on the application. Finally, two offers will be issued – one for the bridging finance and one for the buy to let mortgage.
What’s more, your customer won’t have to pay any mortgage payments whilst the refurbishment works are being completed.
To find out more our refurbishment buy to let proposition, take a look at our product guide, speak with your local member of our sales team or call our dedicated support team on 0800 116 4385.
Source: 1 https://www.independent.co.uk/business/pandemic-diy-boom-continues-for-wickes-b1946056.html
