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Holiday let criteria from Paragon Mortgages - launched today and available via http://www.PropertyTribesFinancialServic...contact-us
The maximum loan to value per property for purchases and remortgages is:
• Up to 70% LTV – maximum loan up to £500,000
Any fees that may be added to the loan are excluded from the LTV calculation.
All calculations will be based on either the current published reference rate, or the product charging rate plus 2%, whichever is the greater.
The affordability of the application will be assessed in one of two ways:
Available for single self-contained properties only, with no restrictive covenants regarding occupancy in place. The property must be capable of being let on an AST basis, and have an acceptable level of rental demand.
The property must be let on an approved holiday occupancy agreement, for a maximum period not exceeding one month. During the life of the mortgage, the property may subsequently be let out on an AST basis.
FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE
PROPERTY TRIBES FINANCIAL SERVICES
CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES. PORTFOLIO MORTGAGES (VARYING TERMS) COVERED
MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.
Mansfield Building Society has announced that they have launched a new Holiday Buy-to-Let product aimed at borrowers who are seeking to purchase or remortgage a holiday let property.
According to the lender, the three-year discounted product is offered to 70% LTV at a current rate of 3.65% (2.10% below SVR) - properties must have a minimum value of £150k and qualify as a Furnished Let under HMRC rules.
The Mansfield also allows owners to reside in the holiday let for up to 60 days a year, providing an opportunity for those who wish to buy an investment property to use it as a holiday home too. Affordability is calculated by taking into account the average of Low, Mid and High season takings, plus any surplus earned income and/or personal wealth.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Furness for Intermediaries has launched two five-year fixed rate products for its holiday let range.
The new mortgage deals have a borrowing rate of 3.34% for cases up to 65% loan-to-value (LTV) and 4.49% for cases up to 75% LTV.
Both products have a £1,250 product fee.
Furness, which looks at both gross holiday rental income as well as personal income when calculating affordability, allows borrowers to use their holiday-let property for up to 90 days per year for their own personal use.Full/source article
Ipswich Building Society has launched its first range of holiday let mortgage products.These products are available exclusively for dwellings in Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, Bedfordshire and Buckinghamshire – areas of high demand from tourists, according to the building society.
Products include a two-year fixed rate at 2.95%, a two-year discount rate of 2.80% and a three-year fixed rate at 3.10%.
All products have an application fee of £199, a completion fee of £950, a CHAPS fee of £35 and a tiered valuation fee based on property value applies.
During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount.
To calculate the potential rental income, a Holiday Letting Agent letter will be required confirming the known weekly rental income, or anticipated revenue during low, medium, and high season. An average will be taken and multiplied by up to 35 weeks to give an indicative annual figure. Owners may occupy the holiday let property for personal use for up to 60 days per year.