Holiday Buy to Let
Our Holiday Buy to Let mortgages continue to remain popular, especially due to the fact that we offer a regulated product allowing the applicant(s) to holiday in the property themselves.
Gross rental income must cover the mortgage payment (calculated at the the Society’s BTL stressed rate on an interest only basis) by a minimum of 130%. For the purpose of HBTL, gross rental income shall be;
- In the case of an existing holiday let (purchase or remortgage), a minimum of one year’s gross rental income verified by an approved accountant, or
- In the case of a new holiday let, confirmation of potential income and the % occupancy rate from a letting agent with relevant experience in the area of the property, taking 40% as a maximum occupancy rate or the letting agents figure, if lower
The property must be free of any planning restrictions that limits use to holiday home use only.
Details of any company managing and/or marketing the property will be required and the requirement for an assured shorthold tenancy agreement is not applicable.