Market Harborough Building Society has launched a second home mortgage providing automatic consent to let for 15 weeks a year.
The rate is discounted from the lenders standard variable rate for five years and borrowers will need a 25% deposit to qualify. There is a 1% setup fee.
Aaron Strutt, product manager at Trinity Financial, says: “Lots of the lenders offer second home mortgages but they typically don’t allow borrowers to let the property especially to multiple tennants.
“Holiday let mortgages provide a good alternative to buy-to-let's as they often have generous rental returns. The problem is many of the lenders prefer to offer straightforward residential or buy-to-let mortgages and they are not keen on anything in the middle.”
If you are looking for a holiday let mortgage, Trinity has access to a host of building societies offering competitively priced rates.
Second home mortgages are normally offered on standard rates, although they can be hard to qualify for. Borrowers will need to demonstrate they can afford the mortgage on their main residential property as well as the new purchase.
For help to secure a second home or holiday let mortgage call Trinity on 020 7016 0790.