No need to bridge.
No need to switch.
Roger Morris – Group Distribution Director at Chetwood Bank for CHL Mortgages
For landlords looking to improve a property before letting it out, funding refurbishment works has often meant navigating a complicated and costly journey. Traditionally, that process has involved securing short-term finance, completing the required improvements, and then refinancing onto a longer-term buy-to-let mortgage once the property is ready to generate rental income. While this route can be effective, it also creates additional administration, multiple sets of fees, and, in some cases, uncertainty around refinance options and future lending conditions.
It’s a familiar challenge for landlords and brokers alike. A property may have strong long-term potential but require updating before it can attract tenants or achieve its full rental value. Whether it’s a dated kitchen, an ageing bathroom, a full redecoration programme or essential electrical work, many properties need investment before they’re ready for the rental market. Historically, accessing that funding has often involved moving between different finance products and lenders, adding complexity to what is often a straightforward refurbishment project.
CHL Mortgages’ new refurbishment buy-to-let proposition has been designed to offer a simpler alternative.
Available up to 75% LTV, the proposition allows landlords to purchase or remortgage a property and fund eligible refurbishment works through a single mortgage solution. Rather than arranging separate finance and then undertaking a second refinancing transaction later, borrowers can access refurbishment funding through one long-term buy-to-let product that supports the project from the outset.
The proposition is aimed specifically at non-structural refurbishment works that can improve both the value and rental appeal of a property without requiring major redevelopment. Typical projects include the replacement of kitchens and bathrooms, rewiring, redecorating, new flooring, minor repairs and maintenance works, along with certain loft and garage conversions. These are often the types of improvements landlords undertake to modernise properties, meet tenant expectations and maximise rental demand.
Importantly, the property doesn’t need to be immediately lettable when the mortgage completes. This provides landlords with greater flexibility when purchasing properties that require remedial or improvement works before tenants can move in. Rather than being restricted to properties that are already in rental condition, investors have the opportunity to consider stock that may have been overlooked by others, while still benefiting from a straightforward route to funding.
Refurbishment funds are retained on completion and released once the agreed works have been finished and verified. This creates a clear and transparent process from purchase through to project completion, giving landlords confidence that funding is available when it’s needed while avoiding many of the costs and complexities associated with short-term finance and subsequent refinancing.
For brokers, refurbishment buy-to-let provides another valuable solution for clients looking to enhance a property’s value without embarking on extensive structural redevelopment. It fills the gap between a standard buy-to-let mortgage and more specialist short-term funding options, creating a practical choice for landlords whose plans sit comfortably between the two.
For landlords, the benefits are equally compelling. A single funding solution can help reduce costs, simplify administration and provide greater certainty throughout the project. At the same time, refurbishment works can improve rental appeal, support stronger yields, enhance capital values and create better-quality homes for tenants.
At a time when many landlords are focused on upgrading older housing stock, improving energy efficiency and responding to evolving tenant expectations, refurbishment buy-to-let offers a practical middle ground. It reflects the reality of what many property investors are trying to achieve: acquiring a property, carrying out sensible improvements and bringing it to market as quickly and efficiently as possible.
The result is a proposition built around simplicity, certainty and practicality.
This is refurbishment made simpler. No need to bridge. No need to switch.
