Monmouthshire re-enters holiday let market

Jessica Bird

June 24, 2020

holiday lets

Monmouthshire Building Society (MBS) has re-entered the holiday let market, adding a range of products for individuals and limited companies.

This follows its move to re-enter the residential 90% loan-to-value (LTV) market earlier in the month.

The Holiday Let and Limited Company Holiday Let products will be available individuals, joint applicants and limited companies.

The range allows the mortgage holder to let the property through a variety of avenues, including Airbnb.

The range includes a 2-year fixed rate remortgage at 3.35% with a maximum loan-to-value (LTV) of 75%.

This includes one free standard valuation, up to £1m, and assisted legal fees, and has a product fee of £499.

This product comes with an early repayment charge (ERC) of 3% and is available throughout England and Wales.

It has a minimum loan size of £40,000 and maximum loan size of £1m, and a total of £3m aggregate across the portfolio.

Dan Goulding, product development manager, said: “These products are an ideal solution for anyone looking to enter the holiday let market (including first time landlords), add to their existing portfolio or remortgage an existing holiday let property.”

Caroline Barrett, key account manager, added: “I’m expecting this range to be well received by brokers and their clients throughout England and Wales.

“Re-entering the holiday let market is great news for the society, and we’re looking forward to speaking to our brokers about the range.”

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