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Holiday Let

Do you have clients looking to purchase a property to let out to holidaymakers? We've expanded our buy to let product offering to include a range of holiday let products.

Loans are available up to 80% LTV for purchase or remortgage from £75k up to £500k.

First time landlords accepted but must be an owner occupier.

All products are available exclusively for properties purchased with the intention of letting for holiday purposes and need to be based in our heartland area of Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, Bedfordshire and Buckinghamshire.

Please see below or visit our lending criteria for more information.

Holiday Let 2.80% 2 Year Discount Rate 80% LTV

About
Fees
Apply
Representative Example
  • VARIABLE RATE of 5.74% with a discount of 2.94% for 2 years then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales, selected intermediary partners and intermediaries based in our heartland - Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire
  • The property must be located in our heartland area - minimum property value £100k, minimum loan £75k

24049, 24050, 24051

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£950 £199 Based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k
  • No charge for overpayments of up to 50% of original loan amount - early repayment charge period ends 2 years from completion
  • Overpayment of 50% or above - early repayment charge is 1% of the overpayment
  • Redemption - early repayment charge is 1% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £266,250.00 payable over 25 years on our Standard Variable Rate currently at 5.74% with a discount of 2.94%, giving a current rate payable of 2.80% for 24 months and then our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1239.64 followed by 276 monthly payments of £1,646.85. The total amount payable would be £484,815.96 made up of the loan amount plus interest (£217,046.96), an application fee of £199, a completion fee of £950, a valuation fee of £240, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.4% APRC representative.

[This representative example is based on assumptions that the loan would start from 31 July 2019]

Holiday Let 2.95% 2 Year Fixed Rate 80% LTV

About
Fees
Apply
Representative Example
  • FIXED RATE of 2.95% until 31 December 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales, selected intermediary partners and intermediaries based in our heartland - Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire
  • The property must be located in our heartland area - minimum property value £100k, minimum loan £75k

29171, 29172, 29173

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£950 £199 Based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k
  • No charge for overpayments of up to 50% of original loan amount - early repayment charge period ends 31 December 2021
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £300,000.00 payable over 25 years initially on a fixed rate until 31/12/2021 at 2.95%, and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £1,414.84 followed by 273 monthly payments of £1,846.65. The total amount payable would be £543,885.13 made up of the loan amount plus interest (£242,336.13), an application fee of £199, a completion fee of £950, a valuation fee of £270, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.4% APRC representative.

[This representative example is based on assumptions that the loan would start from 20 September 2019]

 

 

Holiday Let 3.10% 3 Year Fixed Rate 80% LTV

About
Fees
Apply
Representative Example
  • FIXED RATE of 3.10% until 31 December 2022 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.1% APRC
  • Available for direct applicants in England and Wales, selected intermediary partners and intermediaries based in our heartland - Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire
  • The property must be located in our heartland area - minimum property value £100k, minimum loan £75k

29174, 29175, 29132

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£950 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k
  • No charge for overpayments of up to 50% of original loan amount - early repayment charge period ends 31 December 2022
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £300,000.00 payable over 25 years initially on a fixed rate until 31/12/2022 at 3.10%, and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 39 monthly payments of £1,439.29 followed by 261 monthly payments of £1,832.47. The total amount payable would be £535,916.98 made up of the loan amount plus interest (£234,367.98), an application fee of £199, a completion fee of £950, a valuation fee of £270, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.1% APRC representative.

[This representative example is based on assumptions that the loan would start from 20 September 2019]

 

 

Key features of our holiday let mortgages

  • Loans available up to 80% LTV
  • Minimum loan £75k, maximum loan £500k
  • Maximum term 25 years
  • First time landlords considered - applicants must own their own home
  • For new landlords, minimum age limit of 30 years applies. For existing holiday let or BTL landlords the minimum age is 21 years
  • Maximum of 3 rental properties (holiday let and buy to let); no portfolio landlords or limited companies considered
  • The property to be mortgaged must be on own title - no HMOs, no holiday parks, no occupancy restrictions, no Airbnb
  • We consider single dwellings only and properties must be of standard construction
  • Flats or leasehold properties will be considered
  • The owner may occupy the mortgaged holiday let property for a maximum of 60 days per year for personal use
  • When calculating affordability the applicants' employed income, pensions, investments or additional sources of income can be taken into account. To calculate the rental coverage a Holiday Letting Agent letter will be required to confirm the low, medium and high season anticipated or known weekly rental income. An average of these will be taken and multiplied by 35 weeks to give an indicative annual figure. The annual rental must provide a minimum of 145% rental coverage based on the mortgage product initial interest rate + 2% or a minimum of 5.5%, whichever is greater
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