The Mortgage Lender has launched a holiday and short-term lets product.
Holiday and short-term lets is available to the whole of the market for individual landlords and limited companies with a minimum of one buy-to-let property in their current portfolio for 12 months.
Rates for a five-year fix start at 4.16% and 3.67% for a two-year fix at 75% loan to value.
The new product is available for purchases and remortgages with maximum loan value of £1,000,000 there are no minimum income restrictions, lending is based on a sustainable AST figure and affordability available from 125% of payrate for a five-year fixed.
Steve Griffiths (pictured), The Mortgage Lender’s sales and product director, said: “The holiday and short term rental market in the UK has been particularly buoyant for a number of years, but especially so since the pandemic cancelled a lot of people’s plans for holidays abroad.
“For established landlords and investors this segment of the market provides an attractive route to diversifying their property portfolios.”
The launch of holiday and short-term lets follows The Mortgage Lender releasing a £250m tranche of two and five-year fixed rate buy-to-let Limited Edition products with rate reductions of 0.15%.
The two-year fixed rate at 75% loan to value has an initial rate of 3.35% and the five-year fixed rate at the same loan to value is 3.31%. At 70% loan to value the five-year initial rate drops to 3.24%.
Limited Edition products are available to the whole of market for individual, Limited Company and LLP applicants for purchase and remortgage. They also offer a completion fee of 1%, standard valuation fees and a £150 application fee.