According to the lender, Holiday and Short Term Lets is available to the whole of the market for individual landlords and limited companies with a minimum of one BTL property in their current portfolio for 12 months.
Rates for a five-year fix start at 4.16 per cent and 3.67 per cent for a two-year fix at 75 per cent loan to value.
The new product is available for purchases and remortgages with a maximum loan value of £1,000,000 there are no minimum income restrictions, lending is based on a sustainable AST figure and affordability available from 125 per cent of payrate for a five-year fixed.
Steve Griffiths, The Mortgage Lender sales and product director, said: “The holiday and short term rental market in the UK has been particularly buoyant for a number of years, but especially so since the pandemic cancelled a lot of people’s plans for holidays abroad.
“For established landlords and investors this segment of the market provides an attractive route to diversifying their property portfolios.”
