Precise Mortgages has relaunched its refurbishment buy-to-let offering.

The product includes a bridging loan set at 0.54 per cent a month with an exit on to a long-term BTL mortgage, which Precise says doesn’t have to be repaid while refurbishment works are being completed.

The product allows for borrowing at up to 65 per cent LTV on the bridge component and 75 per cent LTV on the post-works valuation for the BTL part.

As a consequence, each application produces two offers and two procuration fees.

OneSavings Bank group sales director Adrian Moloney says: “Landlords have traditionally faced difficulty in securing finance to refurbish a property before letting it out.

Refurbishment BTL enables them to do so by bringing together the flexibility of bridging finance together with the surety of an exit onto a long-term buy to let once the improvement work has been completed, provided the property meets the expected valuation following refurbishment.”