The Cumberland Building Society will lend up to £750,000 on holiday let mortgage terms of up to 60% loan to value (LTV) and continues to offer bespoke terms for loans above this level.
The mutual introduced its five-year fixed-rate holiday let mortgage product a few weeks ago, including a 2.99% interest rate up to 60% LTV and 3.39% up to 70% LTV.
David Wallace, business lending manager at The Cumberland, said: “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.
“The introduction of the five-year fixed rate products and the revision of product terms allows us to continue to support holiday let property owners throughout mainland UK and demonstrates our continued and long term commitment to the holiday let mortgage market.”
Bob Bishop, The Cumberland’s head of commercial lending, said: “We’ve been in the holiday let mortgage market for seven years now and it is a sector we understand. 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.”
Mark Lanario, of specialist broker Holiday let Mortgages, said: “Providing mortgage solutions for holiday lets and self-catering businesses, is synonymous with the Cumberland Building Society.
“Increasing the maximum loan size to 750,000 at 60% LTV, is a further demonstration of their commitment to the sector.”
Victoria is group editor, Mortgage Solutions and Your Mortgage at AE3 Media.
Previous titles include editor of What Mortgage and Credit Today and a stint freelancing for various titles, including The Guardian, Which? and Money.co.uk