Precise expands refurbishment buy-to-let range

Precise Mortgages has expanded its refurbishment buy-to-let proposition to offer new exit products.

Related topics:  Mortgages,  Specialist Lending
Rozi Jones
29th July 2022
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"We’ve introduced these new exits to assist landlords in their endeavours to improve the standard of housing they’re offering to tenants."

Previously the product combined short-term finance with the security of a long term exit, but new options are now available, depending on the type of refurbishment work being carried out.

The products are designed to help brokers and their customers seeking buy-to-let lending solutions that provide support to improve the energy efficiency of a property, thereby improving the standard of their asset and in turn providing better quality housing for their tenants.

The new products include:

• Exit 1: Refurbishment of a property that already has an EPC rating of C or above, or is awarded a C rating as a result of the improvement work with rates from 3.79%,
• Exit 2: Refurbishment which includes some element of energy efficiency, for example fitting double glazing, upgrading a boiler or adding loft insulation with rates from 3.89%,
• Exit 3: Standard refurbishment to make a property habitable with rates from 3.99%.

Jon Hall, managing director of mortgages at OSB Group, said: “There has been much talk within the industry about EPCs and many are unaware that we are still in a consultation period. No firm direction has yet been given by the Government, so it would be remiss to encourage landlords to upgrade their properties on the basis of achieving a certain EPC rating.

“What we do know is that as much as 20% of all emissions comes directly from property and in line with OSB Group’s commitment towards Net Zero, we’ve introduced these new exits to assist landlords in their endeavours to improve the standard of housing they’re offering to tenants. By doing so, we’re also making a positive impact on the environmental as well as social aspects of the ESG agenda.”

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