Mansfield Building Society has launched a new holiday Buy to Let mortgage product.
The product, available for purchase and remortgage, is a 70 per cent LTV and is discounted for three years by 2.10 per cent, giving an initial rate of 3.65 per cent.
To be eligible, the property must have a minimum value of £150,000 and qualify as a furnished let under HMRC rules.
Affordability is calculated by taking into account the average low, mid and high season takings, plus any other earned income or personal wealth.
The product allows for owners to reside in the holiday let for up to 60 days a year.
Mansfield Building Society national development manager Paul Lewis (pictured) comments: “We’ve seen a noticeable increase in interest for our specialist BTL products, especially the new holiday Let.
“The increase in ‘stay-cations’ in the UK means that landlords can now consider redirecting their resources to alternative property investments that could help dilute or offset the effects of a poor Brexit.”