bridgetolet Refurbishment Buy to Let - Anyone use this type of product??

[paul p c 1]

Hi all, I’m just in the process of buying a property that I want convert from a studio to a proper 1 bed flat. I m planning on following the Buy Refurbish Refinance Rent strategy as it fits quiet well for this property and plan.

I’ve come across precise mortgages Refurbish Buy to Let product and it looks prefect for this application, but I’d love to hear if anyone has any experience using this type of product before and if so, how was the process , was there any aspects to be aware of that aren’t so obvious setting out or any general pros’ and cons? 

Any pointers of general advise would be greatly appreciated! 

Cheers. 

 

[Adam Hosker 67]

It's fine.

The benefits are that you are given an estimated end valuation from outset and you are (more or less) guaranteed a term exit at the end. It's all one package and some benefits in that with mortgage underwriting in that they already have a case file open.  You can also often lock in today's rates for in six months time, who knows what rates will be then. ( If Boris gets in, that's just after brexit.)

What you have is a packaged product, in essence, a multi-buy pack. It's just a Bridge Finance to purchase and then a Remortgage onto Term Finance. In one pretty package.

There are a few that are getting into this now from Precise to LandBay.