When your property requires refurbishments
• Buying a property at the auction
• You wish to add value to your buy-to-let
• Buying commercial buy-to-let property
How Do You Succeed in Your Bridge to Let Mortgage Application?
Lenders assess every situation independently, and they may ask you questions such as:
Are you refurbishing the property for the first time or have you done it before?
Lenders often ask this question when you opt for a mortgage for renovation work. This helps them understand what level of refurbishment work, such as structural, interior, plumbing, and lighting need to get done.
Will you be able to sell the property before your loan term ends?
When you apply for the finance, probably every lender will inquire about whether you have an appropriate exit strategy before approving your application.
If paying monthly, how are you going to afford interest payments?
Lenders will want to know your monthly income if you choose to make monthly interest repayments.
Do you have any assets other than this?
Some lenders may want to know if you have other assets that can be used to secure funding. If you have no other property than this, some lenders may reject your application.