Precise Mortgages is set to enhance its refurbishment buy-to-let (BTL) range to offer new exit products.
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 BTL lending solutions that provide support to improve the energy efficiency of a property.
The new products include Exit 1, which is a refurbishment of a property that already has an energy performance certificate (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 includes some elements of energy efficiency, for example fitting double glazing, upgrading a boiler or adding loft insulation with rates from 3.89%, while Exit 3 Standard refurbishment will help to make a property habitable with rates from 3.99%.
OSB Group managing director of mortgages Jon Hall says: “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 come 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,” Hall adds.