More about our Holiday Let mortgage products
Teachers Building Society specialises in Holiday Let mortgages – specialist in-house underwriters mean we’re not reliant on a computer generated response, allowing us to consider more unusual mortgage applications. You can take advantage of:
- Lending up to £1 million at 75% LTV.
- A variable rate, currently 3.39%, which is discounted by 2.60% from our Standard Variable Rate for the first 2 years.
- Minimum income of £25,000 or for joint applications a combined income of £40k.
- Maximum age at end of term 83.
- Use of your property for up to 2 months per 12 month period.
- Lending is calculated on projected average rental income. For remortgages, we use 100% of rental received.
- Free valuation up to £800k.
- Arrangement fee: £0.00.
- Application fee: £0.00.
- Property can be marketed for rent through AirBnB type platforms.
- See detailed lending criteria below.
A mortgage of £197,194.00 over 29 years initially on a discounted variable rate of 3.39% (equal to a 2.60% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.99% for the remaining term, would require 24 monthly payments of £890.84 and 324 monthly payments of £1174.87.
The total amount payable would be £402,552.12 made up of the loan amount plus interest (£205,248.12) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 5.7% APRC representative.
Call us on 0800 378 669 for more information or arrange a mortgage appointment below.