Now, with the work done, we want to get off our expensive bridging loan and onto a traditional mortgage product. And importantly, when we do so, we want to borrow 75% of the new value of the property – the £80,000 we believe it’s now worth, rather than the £55,000 we paid for it. Under most circumstances you can’t apply to re-finance until you’ve owned the property for six months (which is why I reckoned for eight months of bridging payments), so we put a tenant in the property while we wait for that day to arrive. When it does, we borrow 75% of £80,000
