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.
- Variable and fixed rate product options
- 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.
- No application fee on our variable rate product
- Property can be marketed for rent through AirBnB type platforms.
- See further lending criteria below.
- Available for purchase and remortgage
2 Year Discounted Variable Rate
A mortgage of £204,590.00 over 30 years initially on a discounted variable rate of 2.99% (equal to a 3.00% 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 £509.77 and 336 monthly payments of £1018.76.
The total amount payable would be £559,254.64 made up of the loan amount plus interest (£354,554.64) 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.
5 Year Fixed Rate
A mortgage of £204,590.00 over 30 years initially on a fixed rate of 3.89% (Ending on 14 March 2027) and then our Standard Variable Rate of 5.99% for the remaining term, would require 61 monthly payments of £663.21 and 299 monthly payments of £1017.30.
The total amount payable would be £549,549.38 made up of the loan amount plus interest (£344,650.38) with an Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 5.5% APRC representative.
Call us on 0800 378 669 for more information or arrange a mortgage appointment below.