Dudley Building Society has launched a mortgage product aimed at holiday-let property owners.
Dudley Building Society has launched a mortgage product aimed at holiday-let property owners.
The offering includes a maximum loan-to-value (LTV) of 70% and is priced at a 1.65% discount from the current BTL SVR of 5.49%, which leaves the rate at 3.84%.
Borrowers are able to repay up to 20% of the advance in each of the first two years and includes no early repayment charges (ERCs) within this period.
This product is for remortgage only and includes no upper age limit, andloans are available from £25,000 to £1m.
Sam Ward, commercial director of Dudley Building Society, said: “This is another example where the Dudley has developed a product in a specialist niche to benefit the sector.
“We believe that the package we have put together provides owners with a particularly attractive alternative to the limited funding that was traditionally available to borrowers.
“Equally, there will be owners who have bought their property outright who might want to release equity from their investment property for other purposes.
“The high demand for good quality self-catering accommodation has never been higher and with record bookings expected for the foreseeable future, there has never been a better time to launch a holiday let package.”
