Specialist refurbishment mortgages offered to landlords

Bank of Ireland Mortgages (BIM) has launched a range of light refurbishment products aimed at property landlords with a large portfolio and a proven track-record in the industry.

The new products provide landlords with to 85 per cent of the initial purchase price and then hold a retention. After any proposed refurbishments are carried out, a further 85 per cent is released.

Landlords can apply to carry out refurbishments that cost ten per cent of the property's value.

However, these light refurbishment deals are only open to property landlords with at least two year's experience in the market, making them more suitable for people with a sizable portfolio.

"The response to our professional buy-to-let proposition has been excellent, and feedback from our brokers shows that demand for a product that allows experienced landlords to purchase, lightly refurbish and then let to a property's true rental potential clearly exists," explained Ian Bates, head of marketing atBIM.

"We want to assist landlords in expanding their portfolios whilst maximising rental yields that are available."

A recent report from Bradford and Bingley claimed that increasing interest rates had done little to cool to buy-to-let market in the UK.