Loughborough BS announce launch of new Holiday-Let remortgage product
Loughborough Building Society has announced that it has launched a re-mortgage only product for Holiday Let borrowers as either like for like or with additional borrowing.
According to the lender, the new product will only be available for the re-mortgage of properties in England and Wales that are used for short term holiday letting including Air BnB.
At 75% LTV, the rate is a 2 year variable discount with a current pay rate of 3.05%. The product also includes a free valuation and there are no completion or application fees. Early Repayment Charges apply during the product term.
Affordability will be calculated by using the annual rental yield with the standard BTL ICR of 130% at 5.5%.
The owners will be able to use the property for their own use for 60 days each year.
Not available for Ltd Companies or Portfolio Landlords.
Ashley Pearson, BDM at The Loughborough, said: “This feels like the right time to offer an exclusive product for Holiday Let landlords to re-mortgage onto. No doubt they’ve had a busy summer and now’s the time of year when they may want to start thinking about some home improvements in readiness for next year’s rush so, with this product, they can add extra borrowing if they wish."
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