Harpenden BS – Holiday Let LTVs new increase

Increase to Holiday Let LTVs…Home | Harpenden Building Society

  • Repayment 75% Max LTV
  • Interest only/Part & Part 70% Max LTV

With the pandemic still casting a dark shadow over some of our favourite sunshine destinations abroad, arranging a ‘staycation break’ remains popular, it looks as though many people are increasingly looking closer to home for a ‘realistic’ holiday option.

In our experience, holiday let purchases are often made by customers with multiple forms of income from a range of financial sources. Mortgage applications assessed by a main stream retail lender can’t always accommodate customers with a complex income and can be rejected by algorithms.

Our Holiday Let and Holiday Home/Second home product;

  • Holiday Let – Interest Only up to 70% or 75% Repayment
  • Holiday Home/Second Home – Interest Only up to 75% or 80% Repayment
  • Gifted deposit accepted (must be from a family member)
  • Employed, self-employed or pensions
  • We use rental income projections when considering applications, as well as taking a holistic view of a client’s financial circumstances
  • As part of our criteria we also require that customers have surplus funds available to afford the mortgage and running costs for up to 6 months should the property unexpectedly be without guests for a short space of time. Being able to cover any periods when the property isn’t rented provides an additional safeguard for the loan’s sustainability and benefits all parties
  • A minimum income of £30k is required alongside the additional financial requirements needed.

Our policy of lending to people in different types of employment has kept pace in an ever-changing environment. We therefore lend to people who are employed, self-employed and retired. We pride ourselves on being flexible and accommodating to the changing nature of income

We believe a specialist lender like ourselves, experienced in this area, is absolutely key and we can guide you through the opportunities that lie ahead.

You can view our rate card here and on our website are all of our products and lending criteria and our recent industry insight articles we’ve produced.

We look forward to working with you and hopefully seeing you again sometime this year.

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