HOLIDAY LET MORTGAGES

Looking for a mortgage for holiday let? We are holiday let mortgage experts and will guide you with our trusted and flexible service
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The Cumberland is one of very few holiday let mortgage providers for properties in England, Scotland, and Wales.

Our dedicated and experienced team based in Cumbria, the home of the Lake District National Park, are experts in holiday let mortgages.

Unlike some other holiday let mortgage lenders, we offer a flexible approach to assessing your circumstances and will work with you to try and find the best holiday home mortgage solution.

Whether you are an established landlord looking for a new mortgage deal, or somebody looking into holiday letting for the first time, we can help you.

The deals below are not available to:

  • Limited Companies, Trusts or British Citizens living abroad (ex-pats)
  • Properties with occupancy restrictions
  • Customers who have 4 or more mortgaged properties

Please contact us to discuss individually priced loans which meet any of these criteria.

Who have we helped?

  • Read about how this couple turned a dilapidated farmhouse into their holiday let dream.

  • Read about the UK's most sustainable holiday destination.

Our current deals

3 YEAR DISCOUNT

Your interest rate tracks the Cumberland Commercial Variable Base Rate (CVBR), currently 4.99%, less the discount shown for the first 3 years, followed by the CVBR until the end of the mortgage.

Loan To Value Initial interest rate for 3 years Overall cost for comparison Discount from CVBR Follow on rate Fee
Up to 60% Up to 60% 3.20% 3.20% 4.6% APRC 4.6% APRC 1.79% 4.99% £1,000 Find out
Include Arrangement Fee Include Arrangement Fee More Less
  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Will have to pay an early-repayment charge of 2% of the amount repaid if you repay all or part of your mortgage within the first 3 years
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £75,000 payable over 15 years initially on this variable rate product for 3 years at 3.20% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 4.99% for the remaining term of the mortgage, would require 36 monthly payments of £525.18 and 144 monthly payments of £579.88.

The total amount payable would be £103,534 made up of the loan amount plus interest (£27,409), arrangement fee (£1,000) and other lending fees (£125).

The overall cost for comparison is 4.6% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

Up to 70% Up to 70% 3.60% 3.60% 4.8% APRC 4.8% APRC 1.39% 4.99% £1,000 Find out
Include Arrangement Fee Include Arrangement Fee More Less
  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Will have to pay an early-repayment charge of 2% of the amount repaid if you repay all or part of your mortgage within the first 3 years
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £75,000 payable over 15 years initially on this variable rate product for 3 years at 3.60% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 4.99% for the remaining term of the mortgage, would require 36 monthly payments of £539.85 and 144 monthly payments of £582.83.

The total amount payable would be £104,487 made up of the loan amount plus interest (£28,362), arrangement fee (£1,000) and other lending fees (£125).

The overall cost for comparison is 4.8% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

Up to 75% Up to 75% 3.99% 3.99% 4.9% APRC 4.9% APRC 1.00% 4.99% £1,000 Find out
Include Arrangement Fee Include Arrangement Fee More Less
  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Will have to pay an early-repayment charge of 2% of the amount repaid if you repay all or part of your mortgage within the first 3 years
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £75,000 payable over 15 years initially on this variable rate product for 3 years at 3.99% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 4.99% for the remaining term of the mortgage, would require 36 monthly payments of £554.39 and 144 monthly payments of £585.67.

The total amount payable would be £105,420 made up of the loan amount plus interest (£29,295), arrangement fee (£1,000) and other lending fees (£125).

The overall cost for comparison is 4.9% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

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Flexible Approach
We will work with you to understand your circumstances and find the best solution
Personal, Friendly Service
Our professionally qualified team of business lending managers will treat you as more than a number
Benefits of Mutuality
We have no shareholders to satisfy, so you get great value products and services
Who can apply
Individuals, partnerships, limited companies and trusts
Deals for limited companies, trusts and British Citizens living abroad (ex-pats) will be individually agreed
Types of property
Freehold or long leasehold in the UK
Loans where properties have occupancy restrictions will be individually priced and the maximum loan to value is 60%
How we assess applications
No minimum income or home ownership required
Unlike many other lenders, we consider your personal income and asset/liability position
Up to 75% of property value
£150,000 minimum property value
£75,000 minimum mortgage

OUR HOLIDAY LET CRITERIA

  • Maximum mortgage term is 25 years
  • Leasehold properties should have a minimum of 85 years left on the lease at the start of the mortgage and 50 years on maturity
  • Borrowers to be EU Nationals resident in the UK or UK ex-pats
  • Annual net rental income should be a minimum of 125% of the annual mortgage interest at 6% or 3% above the mortgage rate you are paying, whichever is higher. Lower levels of income will be considered where borrowers have additional sources of income
  • Our product rates for up to 60% and 70% LTV are available for both new and established holiday let properties
  • Our product rate for upto 75% LTV is only available for established holiday let properties. If your property will be a new holiday let, loans will be individually priced
NOT ELIGIBLE
  • Limited Companies incorporated outside the UK
  • Property which is temporary or moveable
  • Property located off the UK mainland, except on the isles of Anglesey, Arran, Mull, Skye, Harris and Wight, which are eligible
Operating area map - whole area
Where We Lend

We provide these mortgages on properties throughout England, Scotland and Wales.

Book a time for us to call you to discuss your needs

Schedule A Call
David Wallace | Business Lending Manager

Our team specialise in mortgages for holiday properties and we’re here to help guide you with our trusted and flexible service.

David Wallace | Business Lending Manager

MORE INFORMATION & MAKING AN APPLICATION

You can send the below form to us by e-mail to business@cumberland.co.uk or by post to our Head Office address. We can accept a scanned version of your signature(s) in Section 14, but we require an original hard copy of the Mortgage Payment Method mandate in Appendix 1 to be posted to us.

Holiday Let Mortgages Frequently Asked Questions
Read the questions we are asked most about Holiday Let Mortgages
Holiday Let FAQs
Your mortgage is secured on your property. Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.