Holiday let

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.

4.64% variable rate for 2 years. This is the current But To Let Mortgage Variable Rate with a 0.65% discount.  This product has a £995  fee. No Early Repayment Charge.

Representative Example

A mortgage of £112,500 payable over 25 years initially on a discounted rate for 2 years at 4.64% and then on our Buy to Let Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 23 years would require 24 monthly payments of £439.08  and 276 monthly payments of £500.51.

The total amount payable would be £262,583.68 made up of the loan amount plus interest (£261,178.68) an Application fee of £995.00, a CHAPS Fee of £20.00, a Valuation fee £170.00, 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 5.40% APR representative.

Please note the example above is for a house purchase on an interest only basis.


Initial Rate for 2 years
4.64%


Followed by the Buy To Let Mortgage Variable Rate - currently
5.29%


The overall cost for comparison is
View full mortgage details ›
5.4% APR




What will the mortgage monthly payments be?


You can use our mortgage calculator tool to find out the monthly repayments for this mortgage. Enter the amount you wish to borrow and then select the length of the loan by sliding the scale. Click Calculate to reveal the Monthly repayments.

Please note the minimum advance for a mortgage is £20,000 (£500 for a further advance on an existing mortgage with the Furness)

Amount:
 

from: £50000 to: £500000
Slide scale from: 1 years to: 30 years




Mortgage Details


Click below for more information:

Holiday Let Criteria

• 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

 



Please note
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE






Other sub sections


Furness mortgage guide


What to do next?

For more information or to apply for this product you can:

Call: 0845 194 8669› Enquire Online
Furness Mortgage Tools


Furness Mortgage Products




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