20 Sep Product Innovation! From The Mortgage Works
I have been delighted to use The Mortgage Works (TMW) Light Refurbishment product for Buy to Let. Whilst it has been on the market for a number of months, I have just had reason to use it for the first time. And what a great feeling to discover a product that shows a lender really thinking what a client needs and providing it – all in a safe, sensible fashion.
The basics are – you find a property that needs a light refurbishment (paint, carpet, new kitchen units and bathroom for example). In it’s current situation – horrid and no-one wants to lend. But a few weeks work and a max spend of £25,000 and all being well TMW and their valuers can see the potential and lend the 70% of the value. Brilliant. Not only this, but they might even agree upfront to lend up to a further £25,000 (to give you your working capital back) on completion of the work!! Hats off to TMW.
Now that’s a Bank whose shares must be worth investing in! How can we get some? Well TMW are owned by Nationwide – a building society.
Nationwide is actually finding ways to help customers buy property and improve it and their own fortune at the same time.
Three cheers for Nationwide!!
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