Following heightened demand for staycations due to confusion and restrictions surrounding foreign travel, The Mortgage Lender has announced that it has expanded its buy to let range with the launch of its Holiday and Short Term Lets product.
According to the lender, 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 a 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 five-year fixed.
Steve Griffiths, The Mortgage Lender sales and product director, 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.”