With foreign travel still in a grey area, there has been a steady and understandable rise in staycations as we head into the summer months. Mansfield Building Society has reacted to this trend with the launch of two new holiday let mortgages up to 70% LTV.
According to the society, the new products, comprising a five year fixed rate and a three year discounted rate, are available across England and Wales. For affordability, The Mansfield takes an annual average of 70% of the low, mid and high season rental income, after agent letting fees, when assessing the Interest Rate Coverage Ratio and the Society’s individual approach to lending allows it to consider background or personal wealth (Top Slicing) as part of the affordability assessment.
Head of Mortgage Sales, Andy Alvarez, said: “As we head towards a summer with most people looking to holiday in the UK this year, the popularity of staycations is likely to increase demand in the holiday let sector. For landlords already operating in this sector looking to expand their portfolio or for those considering their first holiday let, our flexible approach has a lot to offer.
Whether it’s slightly unusual property types, offering real character, or quirky circumstances that still represent common-sense opportunities, we can help brokers and their clients unlock their potential and we’re really looking forward to increasing our support for this market.”