Vernon launches two holiday let mortgages
07 August 2020
Stockport’s mutual, Vernon Building Society, is launching two new holiday let mortgages in response to growing demand.
The popularity of home-grown holidays has been boosted by quarantine confusion and cancelled flights, and the high potential returns of holiday lets are attracting traditional landlords to this specialist sector.
Vernon has also seen increased enquiries from holiday home owners looking to remortgage or expand their portfolio.
Tom Gurrie, intermediary sales manager at Vernon, said: “Holiday lets were already a growing sector for us but, in recent months, we’ve seen a great deal of interest from landlords.
“They’re looking to purchase property in coastal locations, big cities and other tourist hotspots to take advantage of the growing demand for staycations.
“At Vernon we provide mortgages to all landlords – portfolio, non-portfolio, limited company and individual, and our new holiday range reflects this. Our personal and flexible approach to underwriting means we’re able to help more of our clients.”
The lender will now offer separate mortgages for individual landlords and limited company landlords, as follows:
- Individual landlords: Three-year discounted rate holiday let mortgage – currently 2.9% – up to 75% LTV
- Limited Company landlords: Two-year discounted rate holiday let mortgage – currently 3.05% – up to 75% LTV
Both mortgages come with a £999 fee and are available from £100,000 to £1m (providing the property is worth at least £300,000).
Find out more at www.thevernon.co.uk/Intermediaries/
