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  • Mortgages & Finance

    Building Societies: new holiday let mortgages



    Teachers Building Society has announced that it has launched a new 2 year discounted variable rate mortgage specially designed for properties in the holiday let sector.

    According to the lender, the mortgage, which is available in England and Wales is for properties up to 75% LTV, is available for purchase and remortgage. The new product will have a maximum loan size of £750k and a maximum term of 40 years. There is an interest only option available with sale of property as the repayment vehicle.

    Rental assessment:

    • Purchase- average of low/medium/high x 30 weeks
    • Remortgage – 100% of evidenced rental receipts in a 12 month period used
    • Rental Coverage assessed at 135%

    Newbury Building Society have also launched a new holiday let product:

    According to the lender, the new variable mortgage product has been designed to specifically target customers who are either purchasing, remortgaging or looking to borrow additional funds where the property is let on a holiday basis for some or all of the year.

    The Society’s newest buy-to-let addition, will consider the potential holiday let income when assessing affordability and also take into account top-slicing and capital raising to allow investors to see more value from their rental portfolios.

    Full/source story

    To access these, and the whole of market for holiday let mortgages, please contact the PT Brokers Team on 0333 363 6507.

    SEE ALSO  -        Holiday let - every portfolio should have one

    UP NEXT -            Guide to sourcing & setting up a holiday let

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