Our variable Holiday Let mortgage is for owners of holiday properties who like to let out their property to holidaymakers when it is not in use.
3.10% variable rate for 2 years. This is the current Buy To Let Mortgage Variable Rate with a 2.19% discount. This product has a £1,995 fee. Tiered Early Repayment Charge
A mortgage of £600,000 payable over 25 years initially on a discounted rate for 2 years at 3.10% and then on our Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 23 years would require 24 monthly payments of £1,555.27 and 276 monthly payments of £2653.96.
The total amount payable would be £1,372,719.44 made up of the loan amount plus interest (£1,369,819.44) an Application fee of £1,995.00, a Valuation fee £665.00, a Legal fee of £105.00, an Insurance Rearrangement fee of £25.00 , and a Mortgage Discharge Fee of £90.00.
The overall cost for comparison is 5.10% APR representative.
Please note the example above is for a house purchase on an interest only basis.
- Maximum loan amount of £750,000
- This product has a floor rate
- Free valuation & Legals on Remortgages
- For holiday let properties only
- Maximum Loan to Value - 60%
- £1,995 product fee
- Tiered Early Repayment charge
Initial Rate for 2 years
Followed by the Buy To Let Mortgage Variable Rate - currently
Click below for more information:
up to 90 days per year allowed for personal use
maximum LTV 75%
interest only or repayment basis considered
the applicants must own their own home
rent must be at least 125% of interest payable at the initial product pay rate
total applicants’ earned income should be at least £30,000
applications underwritten on a “full status” basis
affordability fully assessed using net earned income plus 50% of actual /anticipated gross rent (either actual amount received or anticipated rent as advised by a specialised holiday let agent) less all personal outgoings and the proposed new mortgage payment (stress tested at 6.54%)
maximum of 1 holiday let mortgage per borrower (the maximum to remain at one account overall including for joint borrowers)
where the applicant also holds buy to let properties, the maximum permitted exposure with the Society will be £500,000 and 5 properties and in total 10 properties and £1m (including any exposure with the Society)
3 months satisfactory bank statements to be provided
a satisfactory statement of Assets & Liabilities to be provided
available mainland UK
Minimum valuation £125,000 (60% product £84,000 minimum valuation)
Minimum advance £50,000
No occupancy restrictions to apply to the security