Mansfield Building Society has launched two new holiday let mortgages up to 70% loan-to-value (LTV) to coincide with this year’s rise in staycations.
The new products, comprising a 5-year fixed rate and a 3-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.
Andy Alvarez (pictured), head of mortgage sales at The Mansfield, 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.”