Many people are buying BTL investment properties at the moment because there are some great bargains to be had.
People who purchase at Auction, or who pick up a bargain that needs a revamp often hit mortgaging problems. Most lenders only allow a mortgage on a 'habitable ' property, so if it needs a 3 month refurbishment programme, they won't lend.
How about a mortgage specifically designed for 'light refurbishment'? the lender will hold a £25,000 retention until the work is done, and the tenants are in.
This product is available up to 70%loan to value, and there is a modest £100 revaluation fee at the end of 3 months.
For more info do contact me.
David Lossl The Really Useful Mortgage People Ltd
T 0845 170 20 20 M 07855 799 807
email. http://www.usefulmortgages.co.uk/
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