The society has launched a 2-year fixed rate holiday let product.
The Cumberland Building Society has launched a 2-year fixed holiday let mortgage, offered throughout the UK.
The product is available at 2.69% with a maximum 60% LTV or at 3.49% with a maximum 75 % LTV, subject to criteria.
Grant Seaton, senior business lending manager at The Cumberland Building Society, said: “Recently we’ve seen both push and pull factors lead to the increasing attractiveness of holiday let investment.
“It’s a niche that comes with its own challenges and quirks, and that’s why we feel it’s important to provide mortgage products that are specifically designed for holiday let investors.”
The lender will consider occupancy restricted property and larger portfolios throughout mainland UK, and the isles of Anglesey, Arran, Mull, Skye, Lewis, Harris and Wight.
The society will lend up to £2m on an individual transaction and up to £3m aggregate borrowing across a portfolio of properties.
Seaton added: “We’re committed to providing a tailored and relevant set of products that support holiday let investors across the UK, and the introduction of our 2-year fixed product meets a need in the market, while allowing us to provide a broader range of options to borrowers.”
