The Society will consider lending on property that is to be used on a holiday let basis. The expectation is that the property will be a single unit dwelling, let on a nightly or week by week basis, in its entirety – the use of short term letting via AirBnB is acceptable.
Rental income will be calculated using an average of the projected Low, Medium and High season weekly rental yields, typically multiplied by an assumed occupancy level of 32 weeks (60% occupancy) and divided by 12 months.
Holiday Let mortgages are available to First Time Landlords, First Time Buyers and/or Non-Owner Occupiers. A minimum earned income of £30,000 applies.
Properties with occupancy restrictions or on bespoke holiday ‘sites’ can be considered on a case-by-case basis.