Leeds increase their holiday let maximum loan size to £500,000
Leeds Building Society has increased the maximum loan size on their Holiday Let mortgages from £250,000 to £500,000.
The lender has also improved the rental calculation from 130% to 125% of the lenders 5.99% standard variable rate. This should ensure the property does not need to generate quite so much rent to allow you to borrow more money.
Aaron Strutt, product manager at Trinity Financial, says: "Demand for Holiday Let properties has increased significantly over the last few years but many of the lenders are not offering these mortgages.
“The attractive rental returns and increases in house prices in many popular tourist areas of the UK have pushed Leeds to improve their maximum loan size. Borrowers will need to put a minimum deposit of 30% to qualify for their mortgages."
If you would like help to secure a holiday let mortgage, call us on 020 7016 0790.
February 14, 2014
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