ModaMortgages has announced it is strengthening its day one remortgage offering to cover cash purchases.
The specialist buy-to-let mortgage lender is broadening its proposition to support remortgage applications from landlords who have purchased properties using their own funds within the last six months and who now want to use the equity generated to take out finance for other purposes, such as expanding their portfolios.
The lender already accepts day one remortgage applications for bridge exits from FCA registered firms.
Roger Morris, group distribution director at ModaMortgages, said: “We’re excited to announce this latest criteria enhancement which gives brokers another way to help their clients. It supports the growing trend of landlords purchasing properties at auctions with cash, or those who purchased previously unmortgageable properties and have made them into a lettable state.
“This could involve cosmetic touch ups like repainting, installing a new kitchen and bathroom, or adding new doors and windows. A little investment can go a long way to increasing the value of a property and can help landlords to exploit the increased equity growth so they can reinvest in other properties and grow their portfolios.”
