Holiday Let

holiday let mortgages

Monmouthshire Building Society offer specially designed holiday let mortgages for properties situated throught Wales & England (including Isle of Wight), subject to the property being located in an area commensurate with holiday letting.

Holiday Let House Purchase and Remortgage:

Holiday Let Lending Criteria

Property Restrictions

Property is unacceptable if it is:
  • Non-standard construction.
  • Has restrictive usage covenants e.g. holiday let covenant.
  • Situated on a holiday park.
  • A shared ownership property.
  • Split into more than one unit.

Appliction Restrictions

    Application Restrictions:
    • At least one party must earn at least £40,000 per annum and income to be derived from a source other than rent. If the term takes the mortgage beyond retirement, we will not need evidence of pension income.
    • Must be a property owner-occupier.
    • Minimum property value £150,000.
    • Term Minimum 5 years Maximum 30 years.
    • No more than 3 holiday let properties with the Society. Unlimited holiday let/BTL with other lenders.
    • Private individuals only (No Limited Company lending).
    • Minimum age 25 (21 considered on referral).
    • Maximum age at end of term - 85 based on the oldest applicant for a joint application.
    • Maximum age at the beginning of the term – 55 based on the youngest applicant for a joint application.
    • Assured Shorthold Tenancies are not to be created with occupation being on the basis of a licence i.e. occupants will have no rights.

Tenancy

  • Assured Shorthold tenancies are not to be created.
  • Occupation will be on the basis of a licence i.e. occupants will have no rights.

Rental Income

    Rental Rule:
    • Rental income must be a least 45% more than the mortgage interest repayments (based on the initial rate payable plus 2% or 5.5%, whichever is greater).

Availability

    Lending Area:
    • Whole of Wales & England (including Isle of Wight), subject to the property being located in an area commensurate with holiday letting.
 
 


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