Loughborough Building Society updates second homes criteria

Michael Lloyd

October 1, 2019

Loughborough Building Society has changed its lending criteria so second mortgages are now available on a property used by the borrower as a second home where affordability allows.

The Loughborough allows borrowing of up to 80% of the second home value or purchase price providing the property is in England or Wales, is for residential use and is not sub-let.

Ashley Pearson, business development manager at Loughborough Building Society, said: “It seems that everyone works harder and time away from work becomes more valuable, so I’m pleased to offer a solution for borrowers who would like to have somewhere to go and relax at weekends and holidays.

“Of course, it’s also a solution for those who need to live away during the week, for better job prospects without uprooting their family.”

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