Furness Building Society has launched two holiday let loans for properties across England, Scotland and Wales.
The mutual says its new two-year fixed-rate products include a 5.99% up to 65% loan to value deal, and a 6.19% up to 75% LTV product, both carry a £995 fee that can be paid upfront or added to the mortgage.
There is also a five-year term available at 5.93% up to 75% LTV. Each of these products come with £250 cashback.
Further details on these holiday let offers cover:
- Personal use allowed for up to 90 days per year
- Flexible approach on calculating affordability
- Complex and multiple income streams considered, including gross holiday rental income
- Mortgages considered on an interest-only or repayment basis
- Available on properties across mainland UK
Furness head of intermediaries Alasdair McDonald says: “We are happy to consider mortgages on an interest-only or repayment basis, and with applying our flexible approach to calculating affordability we believe we have a strong proposition.
“Our unique process means we’re able to consider applications involving complex and multiple income streams.
“This includes using an element of the gross holiday rental income, as well as personal income.
“Our affordability-based model uses primarily personal income but also factors in 50% of the rental income into the assessment.”
The lender has also launched a range of residential products, including a 4.64% two-year fix at up to 80% LTV.
