Designed for landlords who want to purchase or re-mortgage a property for short-term holiday lets.
With potentially higher yields available on holiday or short-term tenancy properties compared to standard buy-to-lets, this may be an attractive proposition for potential investors and landlords.
What's more, finance is available on a first or second charge basis with a maximum loan amount of £2 million.
We’ll consider many income sources, credit profiles and property types. If we can help, we will, it’s what we call common sense lending.
Key features
- first and second charge available
- loans from £5k to £2m
- rates from 6.99%
- up to 65% loan to value (LTV) on loans up to £500k
- up to 60% LTV on loans greater than £500k (above 60% LTV by referral)
- interest only and repayment options.
We’ll consider holiday let finance for:
- holiday homes and cottages
- normal brick built houses, ex-council houses, flats and maisonettes
- high-rise properties (yes, even ones above 6 floors)
- properties with poor valuations (when the property is in a less than perfect condition)
- non-standard constructions (when the property is a little out of the ordinary)
- normal brick-built houses, flats and maisonettes.
Our lending criteria
To qualify for this product, as a minimum, you must:
- have relevant holiday let insurance in place
- have relevant planning permission where required
- where the property is leasehold, confirm letting on a short term basis does not cause a breach of your leasehold agreement
- where we are lending on a second charge basis, confirm the first charge mortgage lender has consented to the use as a holiday let
- be at least 18-years old. There’s no maximum age limit, providing rental income covers 125% of total secured lending repayments
- have no more than 6 demerits on your credit profile in the last 12 months and not be bankrupt.
Any property used as security may be repossessed if you don’t make the repayments.