Barry – Short-Term Lending Team Leader
Our Refurbishment Buy to Let proposition has really shaken up the rental market since we launched it last year. It’s proven so popular that it was named the Specialist Product of the Year at the recent Bridging & Commercial Awards.
Refurbishment Buy to Let allows landlords to carry out any refurbishment or improvement work to bring it up to a habitable standard, for example by decorating, installing a new kitchen or fitting new double glazing before renting it out. It gives landlords access to Bridging Finance together with the surety of an exit onto a Buy to Let Mortgage, providing there are no changes and the property meets the expected valuation following refurbishment.
We’ve now taken this a step further by offering Refurbishment Buy to Let for works being completed under permitted development rights, provided there are no structural alterations or changes to the footprint of the property. In a nutshell, permitted development rights allow householders to improve their homes without the need to apply for planning permission where that would be out of proportion with the impact of works carried out.
This is a really exciting development as landlords can now change the use of a property from a C3 dwellinghouse to a C4 House in Multiple Occupation (HMO) for up to six bedrooms.
For more information, click here to read our Complete Guide to Refurbishment Buy to Let.
Refurbishment Buy to Let is also suitable for other projects, such as:
With HMOs becoming increasingly popular, this is great news for landlords looking to diversify their portfolios. The potential to maximise rental yields and the peace of mind that comes with knowing that if one tenant moves out there is less exposure to void periods as there are other tenants that are still paying is proving really attractive with investors.
As the UK’s leading specialist lender1, we understand HMO landlords and have designed a range of products and criteria to help them develop their portfolios. To find out more about how we can help, speak with our Sales Team or call our dedicated support team on 0800 116 4385.
Source: 1 BVA BDRC Project Mercury report Q1 2019