Mansfield Building Society has widened its holiday let criteria to include lending to limited companies and expats.
The society is also increasing the maximum LTV from 70% to 75% for holiday lets and its maximum loan size to £1million for buy to lets.
New holiday let mortgages are available to both individual landlords and SPV limited companies, while they are priced at 3.59% for a 2-year discount and 4.09% for a 5-year fix.
Expats needing a holiday let mortgage have to pay more, as a 2-year discount is priced at 4.19% and a 5-year fix at 4.69%.
Tom Denman-Molloy, intermediary sales manager, said the society was looking forward to offering ever more versatile solutions for buy to let landlords in the year ahead:
“We’re really excited to be bringing these changes to the holiday let sector because we’re committed to making a real difference to brokers and their clients.
“By expanding our holiday let lending into these underserved segments and extending our loan sizes and LTVs for all holiday lets, we can give real opportunities for brokers that need to find versatile and open-minded solutions to clients with ever evolving mortgage needs.”
Affordability for all holiday let lending with Mansfield will continue to be assessed on a proportion of an annual average of low, mid and high season rental income, with consideration given to top slicing.