The Mortgage Lender responds to staycation boom
Sunday, July 25, 2021
The Mortgage Lender has expanded its buy to let range with the launch of its Holiday and Short Term Lets product.
Holiday and Short Term Lets is available to the whole of the market for individual landlords and limited companies with a minimum of one BTL property in their current portfolio for 12 months.
Rates for a five-year fix start at 4.16 per cent and 3.67 per cent for a two-year fix at 75 per cent loan to value.
The new product is available for purchases and remortgages with maximum loan value of £1,000,000, there are no minimum income restrictions, lending is based on a sustainable AST figure and affordability available from 125 per cent of payrate for a 5 year fixed.
The Mortgage Lender sales and product director Steve Griffiths said: “The holiday and short term rental market in the UK has been particularly buoyant for a number of years, but especially so since the pandemic cancelled a lot of people’s plans for holidays abroad.
“For established landlords and investors this segment of the market provides an attractive route to diversifying their property portfolios.”
The launch of Holiday and Short Term Lets follows The Mortgage Lender releasing a £250m tranche of two and five-year fixed rate buy to let Limited Edition products with rate reductions of 0.15 per cent.
The two-year fixed rate at 75 per cent loan to value has an initial rate of 3.35 per cent and the five-year fixed rate at the same loan to value is 3.31 per cent. At 70 per cent loan to value the five-year initial rate drops to 3.24 per cent.
Limited Edition products are available to the whole of market for individual, Limited Company and LLP applicants for purchase and remortgage. They also offer a completion fee of 1 per cent, standard valuation fees and a £150 application fee
