Precise Mortgages, part of the leading specialist leader OSB Group, recently recognised a gap in the market and decided to expand its already popular refurbishment buy-to-let proposition, to offer new products.

The product previously combined short-term finance with the security of a long-term exit, however, now new options are available, depending on the type of refurbishment work being carried out by landlords.

What’s new on the menu?

The additional products on offer are designed to assist brokers and their customers seeking buy-to-let solutions that provide adequate support to improve the energy efficiency of a property.

Jon Hall, group managing director of Precise Mortgages, OSB Group, said: “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 the 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.  By doing so, we’re also making a positive impact on the environment as well as social aspects of the ESG agenda.”

Teamwork makes the dream work

This support will see that there is an improvement in landlords’ asset standards and, in turn, will provide better quality housing for their tenants.

Below are some exit strategies now implemented and offered by Precise Mortgages:

• Exit 1 Refurbishment of a property that already has an 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 which includes some element of energy efficiency, for example fitting double glazing, upgrading a boiler, or adding loft insulation with rates from 3.89%
• Exit 3 Standard refurbishment to make a property habitable with rates from 3.99%

Richard Merrett, head of strategic development (Mortgages), SimplyBiz Mortgages also commented: “This is a welcome announcement from Precise Mortgages and a real boost to our clients who are looking to improve the energy efficiency of homes, maximise their rental yields and optimise the capital value on their properties.”

Merrett concluded: “This refurbishment buy-to-let product is exactly the type of innovation we are looking for in the market, we’re all facing real challenges with the rising costs of living, the potential regulatory requirements, and the desire to do the right thing and it’s this type of creativity that the market really needs more of to encourage more people to make changes.”