Overview
Short-term loans for residential properties located in England and Wales where the intended exit is a Buy-to-Let mortgage at the end of the bridging loan.
Bridge-to-Let
Key features
| Max loan size | £750,000 |
| Min loan size | £75,000 |
| Max loan to value | 75% |
| Long term | 1 to 12 months |
| Arrangement fee | 2% |
| Early repayment fee | No fee |
Criteria
| Property | Residential properties only. HMO’s up to 6 rooms only. |
| Refurbishment | Light refurbishment only. Refurbishment work that requires either building regulations approval or planning permission is not allowed: unless the planning permission is required for the change of use of a building from a dwelling house (Planning Use Class C3) to a small HMO (Planning Use Class C4) in a designated area where the local planning authority is operating an Article 4 direction. |
| Charge | 1st charge |
| Tenure | Freehold, or leasehold with 65+ years left on the lease. |
| Applicant | UK resident and have been resident in the UK for the last 3 years, or have a 3 year UK residential history and a permanent right to reside in the UK. Maximum number of individual applicants is 2. |
| Credit | For credit profile criteria see the product guide. |
Monthly interest rates
| LTV | ≤50% | ≤60% | ≤75% |
| Rate | 0.49% | 0.54% | 0.60% |
Valuation and legal
We take our legal and valuation requirements very seriously. Our loan evaluation process is designed to make this as efficient and reliable as possible.
Independent security valuation
We will carry out an independent valuation of the borrower’s security in order to confirm how much we can lend against the property.
Legal conveyance
We will instruct our solicitors to work on your client’s mortgage. Fees are typically charged directly to the borrower by the solicitor.
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