Cumberland extends maximum loan size on holiday lets

The Cumberland Building Society has extended its maximum loan size for holiday lets.

The society will now lend up to £750,000 on products within its holiday let range at 60 per cent LTV.

This comes after Cumberland recently launched a 60 per cent five-year fixed rate holiday let at 2.99 per cent, or at 3.39 per cent with a 70 per cent LTV.

The Cumberland Building Society business lending manager David Wallace comments: “We have seen the rise in popularity of self-catering holidays in the UK over the past few years and the uncertainty surrounding Brexit may be a contributing factor in the growth of the “staycation” market.

Head of commercial lending Bob Bishopp adds: “Unsurprisingly holiday properties need to be attractively presented, well specified and located in nice parts of the country so they can often be expensive purchases.

“Pushing the product ceiling up to £750,000 is a logical move to help support those who are looking for a turnkey property to let.”

Add a Comment

Your email address will not be published. Required fields are marked *