Please find attached our latest update which outlines our current product proposition and criteria.
We are delighted to be returning to 75% LTV lending for holiday let transactions and the details of the offering are within the attached update. You will also note that we have simplified our pricing matrix which we see as a positive move forward.
We currently require the following additional security in relation to lending transactions –
HOLIDAY LET – 6 months payments cash on deposit (returned after the ERC period has ended)
OTHER HOSPITALITY – 12 or 18 months payments on deposit (funds used to make the first 12/18 months payments until funds exhausted)
We will send out a further update if there are any changes to this additional security requirement.
Whilst communicating with you, we would also like to thank you for your patience when dealing with over the last few months. We are aware that our response times have been longer than normal whilst we have been dealing with forbearance activities, and we hope to be able to deliver quicker response times going forward.
We look forward to discussing new proposals with you in due course.
The Cumberland Team
