ModaMortgages introduces day one remortgages on bridge exits

ModaMortgages is now accepting day one remortgages for bridge exit applications across its core and limited edition buy-to-let product ranges.

The lender will also accept applications for capital raising where the applicant has sufficient equity in an existing property.

Landlords can borrow between £25,000 and £2 million, with LTVs of up to 80% available. 

The announcement follows the lender boosting its maximum LTV to 80%, as well as adding £0 and 3% product fee options to its limited edition range.

Products are available to a variety of landlords, including individuals, limited companies, those with small or large portfolios, first-time buyers and first-time landlords. 

Darrell Walker, group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler buy-to-let borrowing, we’re excited to announce this latest criteria enhancement which offers brokers even more ways to support their clients.

“This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it which has increased it value and are now looking to exit onto a longer-term buy-to-let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.”