Principality BS has announced that it has introduced four new discount holiday let products into its range.
The products include a 2 and 5 year 60% LTV up to £750,000 with a max loan size from 2.45% and a 2 and 5 year 75% LTV up to £500,000 with a max loan size from 3.00%. All four products include a free standard valuation, free legals and have no product or commitment fees.
Helen Lewis, Principality Building Society National Account Manager, said: “We recognise that a holiday rental home can be a great investment and our expanding holiday let mortgage range can help with the purchase of this type of property.
The introduction of discount holiday let products can potentially enable customers to benefit from the preferential rate while tracking our standard variable rate. We also calculate affordability based on the property’s weekly rental, taking an average over a 30 week period (including high, mid and low seasons) to calculate the rental income. We believe this supports our broker partners in offering products that suit their clients’ requirements.”