BTL Light Refurbishment
- Easy to use Buy to Let calculator
- Find out more about Light Refurbishment with our handy guide
- Loan amount based on rental income only.
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*Maximum LTV.
- All arrangement fees may be added to the loan (with the exception of any up front, non refundable, booking fee. Applicable on products with free standard valuation, free standard legals, or cashback options).
- Interest will be charged.
- Minimum % arrangement fee £595
Free standard valuation and free standard legals or cashback products
† Products available through TMW Online. Only available for single property applications. For exceptions please refer to TMW rate guide. Please see our Lending Criteria page for full terms and conditions and a list of non-standard legal fees your client may have to pay.
Light Refurbishment
Classified as a Buy to Let rental property which will benefit from minor improvements to be carried out within 3 months of completion and prior to letting.
Subject to:
- Maximum 90 at loan maturity (75 for first time landlords)
- Maximum 70% LTV
- First Time Landlords purchasing accepted up to 65% LTV
- Maximum loan size £500,000 (unless otherwise stated)
- Customers must choose a Light Refurbishment product
- Rental cover will be based on rental assessment after works
- TMW reserves the right to withhold the retention amount if the works have not been carried out within 3 months
Process:
- A valuation will be completed in the first instance and value will be assessed on current and after works basis
- Up to 70% of the property value or purchase price (whichever is lower) will be advanced
- Once the works are completed 70% of the after works value, to a maximum of £25,000, can be released subject to a successful re-inspection of the property
- A re-inspection costing £100 payable by the customer, will be needed before retention monies can be released
- Minimum Retention - £2,000
- Maximum Retention - £25,000
Other Information
All first time and experienced landlord applicants who are remortgaging their existing residential property as a Buy to Let must choose from the Let to Buy product range.
