CHL Mortgages has introduced a new light refurbishment range aimed at buy-to-let investors. This offering allows landlords to finance property improvements, making it easier to enhance rental value and property appeal.
What does the new buy-to-let mortgages refurbishment range offer?
The light refurbishment range includes two-year fixed rates beginning at 4.40% for single dwelling properties and 4.50% for Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB) with up to six bedrooms or units. For those interested in longer commitments, five-year fixed rates start at 6.11% for single dwellings and 6.21% for HMOs and MUFBs.
Who can benefit from this new buy-to-let mortgages offering?
This range is available to both individual and limited company landlords, providing financing options for property improvements such as installing new bathrooms or kitchens, replacing fixtures, and even converting a C3 dwelling into a C4 HMO property. The maximum loan-to-value (LTV) ratio is set at 75%, with various product fee options to cater to different investor needs.
What this means for landlords and investors
The introduction of this refurbishment range is significant for landlords looking to enhance their properties without heavy upfront costs. By facilitating necessary upgrades, landlords can improve tenant satisfaction and potentially increase rental income. This aligns with the growing trend of property investors focusing on value-adding renovations to stay competitive in the rental market. For more information, check our buy-to-let mortgage rates.
Frequently asked questions
What types of properties are eligible for the light refurbishment range?
Eligible properties include single dwellings, HMOs, and MUFBs with up to six bedrooms or units.
What improvements can landlords make with this financing?
Landlords can undertake various improvements, including kitchen and bathroom installations, fixture replacements, and full rewiring.