Precise Mortgages Expands BTL Home Improvement Products

Precise Mortgages is set to expand its home improvement buy-to-let (BTL) range to offer new exit products.

Previously, the product combined short-term financing with the security of a long-term exit, but new options are now available, depending on the type of renovation work being done.

The products are designed to help brokers and their clients looking for BTL lending solutions that provide support to improve a property’s energy efficiency.

New products include Exit 1, which is a retrofit of a property that already has an Energy Performance Certificate (EPC) rating of C or better, or achieves a C rating following the upgrade works with rate of 3.79%

The Exit 2 renovation includes some energy efficiency features, for example installing double glazing, upgrading a boiler or adding loft insulation with rates starting at 3.89 %, while the standard 3 exit renovation will help make a property livable with rates starting at 3.99%.

OSB Group Mortgage General Manager Jon Hall said: “There has been a lot of discussion within the industry about EPCs and many are unaware that we are still in a consultation period. No firm guidelines have yet been given by the government, so it would be remiss to encourage owners to improve their properties on the basis of achieving a certain EPC rating.

“What we do know is that up to 20% of all emissions come directly from the property and in line with OSB Group’s commitment to Net Zero, we have introduced these new releases to help owners in their efforts. to improve the standard of accommodation they’re offering to tenants,” Hall adds.

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