Right, straight into the good stuff

Open Market Bridging - like a pro

So, open market value bridging is where a lender will lend against the actual value of the property, even if the purchase price is lower.

Because all you investors are convinced that everything you buy is below market value but often thats not the case - anyway, I digress.

Here’s the “hack”

Work with your broker on this. When you submit the application put the purchase price the same as what you think the true market value is. Yes I know you’re buying for less but stick with me.

The reason this works is that when the lender instructs the valuer, they’ll give them the higher figure (as purchase price and value are the same), this avoids them being swayed by a lower purchase price and reducing to that regardless.

Then, if and when you get the figure you want valuation wise, go back to the lender (via the broker) to say you’ve now managed to renegotiate to a lower purchase price et voila - more effective open market value bridging!

Lender updates

• Coventry Godiva move into the Limited Company buy to let space - this is good news as they’re one of the quicker, cheaper and hassle free lenders!

• Keystone launch a bridge to let proposition - nothing wow though as the initial bridging loan is capped at 65%. WHATS THE POINT

until next time x