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Holiday let mortgages launched by The Nottingham

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Landlords are increasingly targeting properties they can rent out as short-term holiday lets
Holiday let mortgages launched by The Nottingham

Nottingham Building Society has launched a range of holiday let mortgages.

The lender said it has ‘responded to the demand for staycations’ by designing the products to help those looking to invest in a holiday rental.

The building society will lend on up to two holiday lets (in England or Wales), and has no minimum personal income requirement.

It said it will also take into consideration up to 32 weeks’ rental income and allow the owner to use the holiday let for personal use for up to 60 days each year.

The mortgages are both available up to 75% of the property’s value with a 25% deposit. They include:

  • A two fixed rate at 3.55% with a £999 fee
  • A five-year fixed rate at 3.82% with £999 fee
  • A two-year discounted rate at 3.25% with a £999 fee.

The Nottingham’s head of mortgage product, Christie Cook, said: “As we head into summer hopefully our competitively priced range of holiday let products, aligned with our lending criteria, will bring some sunshine to brokers and their customers.

“The challenges and restrictions brought about by the pandemic led many to rethink certain aspects of their lives including how, and where, they take their holidays – with a well-publicised surge in the number of staycations.

“That in turn has created a potential investment and income opportunity for those looking to purchase a holiday rental, so we are excited to be lending in this space.”

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