Solution for a complex holiday let

Our solutions

24TH MAY 2022

Solution for a complex holiday let

Our popular holiday let products are suitable for loans between £200k and £5m. We accept AirBnB rentals and specialise in finding solutions for unusual and complex cases, such as properties with multi-units, large acreage or annexes. 

The clients’ scenario

In this example, the clients wanted to purchase four holiday cottages on one title. They also needed to remortgage an existing unencumbered holiday let to raise funds for the deposit.

Our solution

We agreed two separate loans, both were discounted products. For the more complex purchase of four cottages the pay rate was 4.24%, the simple remortgage attracted a pay rate of 3.49%. This solution reflected all of the clients’ requirements:

• Multiple properties on one title
• Interest coverage over 145% at the stressed interest rate. Employed and pension income in the background to support personal finances
• Interest only
• Unregulated
• Flat £995 product fee for the remortgage. For purchase, the product fee was a percentage of the loan
• Term beyond age 70
• Below 75% LTV

Experience our award-winning service

We were thrilled to receive a 2022 Feefo Gold Trusted Service Award in recognition of the outstanding level of service we consistently provide to intermediaries. Here’s one of the five-star comments we’ve recently received:

“My case was very complicated, with many elements that were not acceptable with other lenders. The underwriter was absolutely exceptional throughout.”
Dan Light, Advantage Financial Services

To find out more about our holiday let solutions, please call your Specialist Lending Manager. They are happy to chat through individual cases.

This is a recent case example, pricing is tailored to your clients’ individual circumstances. Article details are correct as at 24 May 2022.