Equity loan provider Castle Trust Capital has launched a ‘refurb to let’ product targeted on buy-to-let landlords who are looking to upgrade untenanted property.
The product, which is available on both a first and second charge basis, is offered with an initial term of 12 months (and no ERCs) with monthly rates from 0.55% per month (6.59% pa) plus fees.
The maximum LTV is typically 80% (based on Day 1 value) including any rolled up interest.
“The Chancellor’s recent Budget shock on the deductibility of buy-to-let mortgage interest only, serves to emphasise the importance of maximising the rental value of buy-to-let property,” said Matthew Wyles, group retail director.
“Our product allows the landlord to hold vacant property with, crucially, no need to service interest for up to a year whilst upgrading. Permissible improvements can include both internal and external work provided no planning consent is required. This includes kitchens, bathrooms, wiring and redecoration.”