Swansea BS announce BTL and holiday let rate cuts

Property Reporter
29th June 2020
To Let 556

Swansea Building Society has announced that it has reduced rates across its buy-to-let and holiday let mortgage ranges, with products starting from 4.25% to 3.55% variable up to 60% LTV and from 4.75% to 3.95% variable up to 70% LTV.

The Society also revealed that is has changed the calculation used to stress test the mortgage payment to reflect the tax status of the main applicant.

Income from Airbnb lettings will also be considered as will projected income. Swansea BS stated that it will also consider unusual properties on both buy-to-let and holiday let cases.

Alun Williams, chief executive of Swansea Building Society, said: “We are proud that we have remained open for both our savings and mortgage customers through the crisis, supporting our members in every way we can.

"As lockdown now eases, we are seeing an uptake in enquiry levels especially around the more specialist mortgage areas such as holiday let and self-build and we are delighted to be able to lower our rates on buy-to-let and holiday let mortgages in particular.”

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