Precise Mortgages – New Bridging and Refurb BTL criteria and rates

Here’s what they have to say!

GREAT NEWS! New Bridging products and expanded criteria for Precise Mortgages

I am delighted to announced that we will be enhancing our bridging proposition in Precise Mortgages.

As a result of this the following criteria changes are being introduced:

  • Maximum 75% LTV on ALL products
  • Standard and Light refurbishment rates from 0.49%
  • No maximum loan
  • £Nil AVM charge
  • Minimum property value – £75k (£100k London post codes)
  • Minimum term 1 month (Regulated and Non-Regulated); Max term 12 months Regulated, 18 months Non-Regulated
  • Light refurbishment definition expanded to now also include:
        1. Change of use under Permitted Development Rights (C3 to C4)
        2. Internal reconfiguration, including property conversion up to a 6 bed HMO
        3. Converting a garage to a living space, but NOT a separate dwelling i.e. granny annex
        4. Converting a loft into a living space

Please also note that these changes to LTV and rate will also be reflected in the Bridging element of the Refurbishment Buy to Let products.

If you would like to discuss this new range in more detail or require any additional support please don’t hesitate to get in touch with either your dedicated Corporate Account Manager or our Specialist Finance Account Managers and we’ll be delighted to help.