Precise Mortgages have launched into the Holiday Let Mortgage scene, offering up to 70% LTV available in personal name or limited company.
Unfortunately it’s not for AirBnB landlords, those lenders offering that facility remains limited. This criteria is to shy away from short-term lets and position themselves in the Holiday Let market only.
The lender, like you should, will be keeping an eye out for planning or occupancy restrictions.
Landlords wanting to invest in a Holiday Let can choose from Precise Mortgages’ core buy-to-let range with rates starting from 2.77% and borrow up to £500,000.
Getting more into the details you will require a minimum income of £40k, it’s not available for first-time landlords, not available for Airbnb and other criteria applies per standard Precise BTL policy.
The lender is looking for prime applicants, with no to little adverse credit.
Property Investors will be glad see Precise join the likes of Axis, Cambridge and Counties, Foundation, Leeds and Mansfield offering Holiday Let Mortgages.
Precise Mortgages not only entered the Holiday Let Market but are one of the few offerings them in a LTD Company.
What’s interesting is BDRC research shows 9% of portfolio landlords with 20 or more properties own a holiday let in the UK.