New BTL product contains bridging and mortgage
An exclusive buy-to-let initiative from 3mc, leading mortgage club and packager, will contain both bridging and mortgage for its customers.
How the product works
Aimed specifically at developers, along with professional landlords, the product is simple but effective in its makeup.
One lender forms the bridging element, essentially enabling the purchase to happen. The second lender is responsible for the remortgaging element of the product. This is crucial in allowing the investor to be comfortable in the knowledge that funding is in place at the end of the bridging period.
The innovative product has received backing from Aldermore for the remortgage aspect and Precise for the bridging aspect. Managing director of Precise Mortgages, Alan Cleary, is excited with the prospect of the product. Cleary said that his company, ‘believe this will be a very attractive product for many property investors.’ [1]
[1] http://www.landlordtoday.co.uk/news_features/New-buy-to-let-product-contains-both-bridging-and-mortgage