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.

*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.

Buy to Let 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.

Initial advance
Up to 70% of the property value or purchase price (whichever is lower) will be advanced.

Retention
The retention amount will be held, once works are completed 70% of the after works value to a maximum of £25k can be released, subject to successful re-inspection by the original valuer at a cost of £100 (taken from the original release of funds) and payable by the customer.

• Minimum Retention - £2,000
• Maximum Retention - £25,000

TMW reserves the right to withhold the retention amount if the works have not been carried out within 3 months.

Valuation
Will be completed in the first instance and value will be assessed on current and after works basis.

Loan To Value Limits

70% for loans up to £350,000 (unless otherwise stated)
65% for loans up to £1,000,000 (unless otherwise stated)

50% for loans up to £1,500,000 (unless otherwise stated)

Rental Cover

First Time Landlords

Buy to Let Light Refurbishment new business products are available for the first time landlords (for purchase only), classified as applicants who have not owned and let a buy to let property for the last six months.

Subject to:

• Max 65% LTV (of after works value)
• First time landlords must be owner occupiers (with or without a mortgage)
• The applicant(s) must have owned their residential property for at least 6 months at the time of application
• Loan purpose: to purchase a new buy to let property

(First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from the Let to Buy product range).

Foreign Nationals

Foreign nationals must have been resident in the UK for at least three years prior to application and must have a permanent right to reside. Foreign nationals must have a UK bank account.

Minimum loan is £25,001. The minimum property value is £50,000. (Unless otherwise stated).