Yes, any property in the accommodation or food sectors (such as restaurants, pubs, hotels, Takeaways, B&B’s), or anything in the healthcare sectors (Care Homes, GP & Dental practices) are not acceptable.

All other property types are considered.

No. With a CBILS re-mortgage you will get 12 months interest and capital repayment free. The interest costs are covered by the Business Interruption Payment (BIP). The lender will provide a 12 month repayment holiday.

If you opt for a capital and interest repayment mortgage then the capital repayments will begin on the 13th month.

If you opt for an Interest-only mortgage then there will be no capital repayments at all.

No, if the remortgage is accepted all lender arrangement fees or legal fees are also covered by the Business Interruption Payment (BIP).

There is a BIP claim form you will need to complete in order for the lender to claim this support. The lender will guide you through this process at the time.

Yes, 'capital raising' is allowed as long as you can demonstrate that the funds to be released a for a business purpose – no speculative use)

Subject to affordability stress test you can release up to 75% of the value of the property, minus the existing mortgage outstanding.

Yes, all residential or commercial investment properties are eligible, providing they are income producing with a tenant that has not been too badly impacted by the pandemic.

Unfortunately these will need to be paid as part of the settlement of the existing mortgage. You should therefore factor in any exit penalties your existing lender may charge before pursing a CBILS re-mortgage.

Yes, you will need to pay for a valuation to however if the application for funding is successful the cost of the valuation will be covered by the Business Interruption Payment (BIP) provided by the government. You will therefore be refunded once the lender receives the BIP payment.

Valuations are only instructed once a full underwrite is completed on the case, so all other aspects of the application will be acceptable to the lender prior to the valuation fees being incurred.

There is the risk that the valuation comes lower than expected and the lender either reduces their loan amount or declines to lend. In this scenario there would be no refund of valuation fees.