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Holiday Let Mortgages

Welcome to common sense lending

Our mortgage decisions are made by real people, not computers. We consider cases that many other lenders don't, including multiple letting units on one title, properties across split titles, limited companies and more.

Make it happen with a mortgage from The Cumberland

  • We lend throughout mainland UK plus selected islands
  • We offer mortgages up to 75% LTV
  • We lend to first-time holiday let investors
  • We finance properties in various entities
  • We have 2 year variable, 2 year and 5 year fixed rate mortgage options available
  • Our expert Relationship Managers provide a friendly and personal service

Our Intermediary team can consider applications from in the following circumstances:

  • Borrowing in personal names*
  • Borrowing through a limited company SPV*
  • Maximum of 6 investment properties on completion of new loan*
  • Total mortgage exposure of £2m with The Cumberland*
  • Property has less than 4 properties on one title/Estate*
  • Property has less than 9 bedrooms per property and less than 5 acres of land*

*If your application falls outside the above criteria, it may be subject to commercial pricing and criteria. Please contact our Commercial team who may be able to help.

Do you already run a holiday let business? We can help you remortgage if you wish to refinance your property. We will also finance multiple holiday let properties as your business grows.

At The Cumberland, we're committed to working with you to ensure you get the right mortgage to suit your individual circumstances. View our lending criteria and product range here to find out more.

Help and Support

External factors continue to be a cause for concern for many business owners. If you are an existing business customer and worried about your mortgage contact your Relationship Manager, or visit our financial difficulties page.

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.

How can we help you?

Key Information

  • Our Holiday Let Mortgage criteria

    In all cases, the following criteria apply:

    Applicant type

    We lend to individual applicants or limited company SPV. Applicants must reside in the UK and also have indefinite right to remain in the UK

    Lending area

    We lend throughout mainland UK and the isles of Anglesey, Arran, Mull, Skye, Lewis, Harris and Wight

    Applicant

    Minimum sole/joint income £25,000

    Where earned income is required to meet affordability for the loan, a minimum of £50,000 sole/joint income is required-additional criteria applies see criteria guides

    Maximum of 4 joint applicants

    Maximum LTV

    We can lend up to 75% of the property value

    Loan size

    The minimum loan size is £75,000

    Term

    Maximum mortgage term is 30 years

    Repayment Method

    Both Interest Only or Capital & Interest Repayment are available

    Property

    The minimum property value must be £150,000

    Properties which are temporary, or moveable are not eligible

    Rental coverage

    To meet our criteria for rental coverage, annual net rental income

    • For product terms of less than 5 years the annual rental income should be a minimum of 145% (after deduction of 20% from the gross rent for letting agent costs) of the annual mortgage interest calculated using the rate of 5.5% or product rate + 2%, whichever is the highest.
    • For product terms of 5 years or more the annual rental income should be a minimum of 145% (after deduction of 20% from the gross rent for letting agent costs) of the annual mortgage interest calculated using the rate of 4.5% or product rate + 1%, whichever is the highest.
    • For customers who have existing Buy-to-Let / Holiday Let properties the ICR of the existing portfolio should meet 145% ICR, stressed at new borrowing product rate +1% or 4.5% whichever is the highest. (For Buy-to-Let the gross rent can be used for Holiday Let the net rent should be used, that is after deduction of 20% for letting agent costs)
    • For the new lending affordability calculation we use ICR where the customer requires an interest only mortgage. Where a repayment mortgage is required then we use the monthly repayment mortgage amount at the stressed rate to calculate affordability.
    Shareholder age

    We are unable to provide lending if any of the shareholders are under 18 years old

  • Specialist Products

    In the following circumstances, Specialist products apply:

    • Lending through Limited Company SPV
    • Property occupancy restrictions apply
    • The HM land registry title includes more than single letting unit
    • Security address is above commercial premises
    • Capital raising where funds are to be used to consolidate debts of £25k or more or some or all of the funds are to be used to inject funds into another business venture

Our holiday let mortgage rates

Use our mortgage product selector to compare our latest mortgage deals.

2 YEAR DISCOUNT VARIABLE RATE

Your interest rate tracks our Commercial Variable Base Rate (CVBR), currently 9.74%, less the discount shown for the first 2 years, followed by our CVBR until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 2 yearsOverall cost for comparisonDiscount from CVBRFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.98%5.98%9.3% APRC9.3% APRC3.76%9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (1% before the end of year 1 and 0.5% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this variable rate product for 2 years at 5.98% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 24 monthly payments of £751.04 and 216 monthly payments of £975.41.

The total amount payable would be £229,843 made up of the loan amount plus interest (£123,714), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.33%6.33%9.4% APRC9.4% APRC3.41%9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (1% before the end of year 1 and 0.5% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this variable rate product for 2 years at 6.33% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 24 monthly payments of £772.38 and 216 monthly payments of £977.54.

The total amount payable would be £230,815 made up of the loan amount plus interest (£124,686), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.4% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
2 YEAR DISCOUNT VARIABLE RATE

Your interest rate tracks our Commercial Variable Base Rate (CVBR), currently 9.74%, less the discount shown for the first 2 years, followed by our CVBR until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 2 yearsOverall cost for comparisonDiscount from CVBRFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.98%5.98%9.3% APRC9.3% APRC3.76%9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (1% before the end of year 1 and 0.5% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this variable rate product for 2 years at 5.98% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 24 monthly payments of £751.04 and 216 monthly payments of £975.41.

The total amount payable would be £229,843 made up of the loan amount plus interest (£123,714), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.33%6.33%9.4% APRC9.4% APRC3.41%9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (1% before the end of year 1 and 0.5% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this variable rate product for 2 years at 6.33% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 24 monthly payments of £772.38 and 216 monthly payments of £977.54.

The total amount payable would be £230,815 made up of the loan amount plus interest (£124,686), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.4% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
2 YEAR FIXED RATE

Your interest rate is fixed at the rate shown until 1st May 2026, followed by our Commercial Variable Base Rate (CVBR), currently 9.74%, until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 2 yearsOverall cost for comparisonFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.80%5.80%9.2% APRC9.2% APRC9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (2% before 2nd May 2025 and 1% before 2nd May 2026 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2026
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2026 at 5.80% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 25 monthly payments of £740.19 and 215 monthly payments of £973.32.

The total amount payable would be £228,898 made up of the loan amount plus interest (£122,769), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.2% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.15%6.15%9.3% APRC9.3% APRC9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (2% before 2nd May 2025 and 1% before 2nd May 2026 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2026
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2026 at 6.15% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 25 monthly payments of £761.37 and 215 monthly payments of £975.58.

The total amount payable would be £229,913 made up of the loan amount plus interest (£123,784), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
2 YEAR FIXED RATE

Your interest rate is fixed at the rate shown until 1st May 2026, followed by our Commercial Variable Base Rate (CVBR), currently 9.74%, until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 2 yearsOverall cost for comparisonFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.80%5.80%9.2% APRC9.2% APRC9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (2% before 2nd May 2025 and 1% before 2nd May 2026 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2026
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2026 at 5.80% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 25 monthly payments of £740.19 and 215 monthly payments of £973.32.

The total amount payable would be £228,898 made up of the loan amount plus interest (£122,769), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.2% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.15%6.15%9.3% APRC9.3% APRC9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (2% before 2nd May 2025 and 1% before 2nd May 2026 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2026
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2026 at 6.15% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 25 monthly payments of £761.37 and 215 monthly payments of £975.58.

The total amount payable would be £229,913 made up of the loan amount plus interest (£123,784), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 9.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
5 YEAR FIXED RATE

Your interest rate is fixed at the rate shown until 1st May 2029, followed by our Commercial Variable Base Rate (CVBR), currently 9.74%, until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 5 yearsOverall cost for comparisonFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.75%5.75%8.1% APRC8.1% APRC9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (5% before 2nd May 2025, 4% before 2nd May 2026, 3% before 2nd May 2027, 2% before 2nd May 2028 and 1% before 2nd May 2029 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2029
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2029 at 5.75% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 61 monthly payments of £737.19 and 179 monthly payments of £938.89.

The total amount payable would be £214,159 made up of the loan amount plus interest (£108,030), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 8.1% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.10%6.10%8.3% APRC8.3% APRC9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (5% before 2nd May 2025, 4% before 2nd May 2026, 3% before 2nd May 2027, 2% before 2nd May 2028 and 1% before 2nd May 2029 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2029
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2029 at 6.10% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 61 monthly payments of £758.32 and 179 monthly payments of £944.46.

The total amount payable would be £216,445 made up of the loan amount plus interest (£110,316), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 8.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
5 YEAR FIXED RATE

Your interest rate is fixed at the rate shown until 1st May 2029, followed by our Commercial Variable Base Rate (CVBR), currently 9.74%, until the end of the mortgage. Please check if you are eligible for Core or Specialist products here.

Loan To ValueLoan AmountInitial interest rate for 5 yearsOverall cost for comparisonFollow on rateFeeType
Up to 75%Up to 75%£75k – £2m5.75%5.75%8.1% APRC8.1% APRC9.74%£999CoreFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (5% before 2nd May 2025, 4% before 2nd May 2026, 3% before 2nd May 2027, 2% before 2nd May 2028 and 1% before 2nd May 2029 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2029
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2029 at 5.75% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 61 monthly payments of £737.19 and 179 monthly payments of £938.89.

The total amount payable would be £214,159 made up of the loan amount plus interest (£108,030), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 8.1% 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 Mortgage Illustration, please contact us directly.

Book An Appointment
Up to 75%Up to 75%£75k – £2m6.10%6.10%8.3% APRC8.3% APRC9.74%£999SpecialistFind out
  • 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 Mortgage Illustration
  • Will have to pay an early-repayment charge (5% before 2nd May 2025, 4% before 2nd May 2026, 3% before 2nd May 2027, 2% before 2nd May 2028 and 1% before 2nd May 2029 of the amount repaid) if you repay all or part of your mortgage before 2nd May 2029
Representative Example:

A mortgage of £105,000 payable over 20 years initially on this fixed rate product until 1st May 2029 at 6.10% and then on our Commercial Variable Base Rate (CVBR), currently 9.74% for the remaining term of the mortgage, would require 61 monthly payments of £758.32 and 179 monthly payments of £944.46.

The total amount payable would be £216,445 made up of the loan amount plus interest (£110,316), arrangement fee (£999), other lending fees (£20) and a repayment fee (£110).

The overall cost for comparison is 8.3% 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 Mortgage Illustration, please contact us directly.

Book An Appointment

Existing Cumberland Holiday Let Customers: If you are an existing Cumberland Holiday Let Customer and your existing deal is coming to an end, please click here to here to view our range of products available for existing customers.

Existing Cumberland Holiday Let Customers

Holiday Let FAQs

  • Is a holiday let for me?

    Property investment can be a very effective way of generating income if managed correctly; however, it doesn’t come without its risks. If you plan to buy your property with a mortgage and you're relying on the rental income to make your mortgage repayments, you must consider how you will keep up the repayments if you don't receive enough rental income.

    You also need to consider whether you can afford the cost of any major repairs as well as ongoing minor repairs and maintenance.

    We would strongly recommend that you take professional advice before entering into any property related transaction.

    You may also wish to contact a conveyancer (for advice on any legal implications of owning a holiday let) and an accountant (for advice on tax implications).

  • What is involved in buying a holiday home to let?

    Buying a holiday let property is very different from buying your own home.

    Here are some things to think about before you start your search for a property:

    Do your research
    Research the market, with the help of estate and lettings agents, who will be able to advise on demand and any other issues in the area you are thinking of buying in. The location of a holiday let property will impact its rental value. You also need to consider the travelling distance from your home if you're planning to personally run and maintain your holiday let.

    Ask an expert
    Speak to an experienced holiday letting agency and make sure you have a professional opinion of the level of income and potential occupancy levels you can expect from the property and the area. Ask about what standard of decoration and furnishings you should offer to attract the level of rent and occupancy that you need. If you decide to register with a holiday letting agency, you should consider what services they will provide you with and the cost to you.

    Understand your finances
    Keep in mind why you are buying the property – whether you're in the market for capital gain when you sell or simply monthly rental income. This will help you decide what to buy and where, and what kind of mortgage you need. You will need to consider your pricing – if you charge too much the property may be empty during the main holiday season, if you charge too little you may be fully booked but without enough profit to cover your mortgage and any other costs.

    Buy carefully
    Make sure you buy a property which allows for sufficient profit margin. If you go for a ‘bargain’ property which requires a lot of work, make sure that you have the time and finances to undertake and complete the project. Paying more for a property which is in better condition and can be marketed immediately can be a wiser move.

    Check for safety
    By law you must make sure that the property you're letting complies with various safety regulations, such as furniture and furnishings fire safety, gas safety, electrical equipment safety and that it contains a smoke detector. You'll also need certificates to prove these regulations have been met.

    Be aware of new and updated regulations
    Failure to comply with the law can result in serious consequences. The best way to make sure you are kept up to date is to use a holiday letting agency which can make you aware of them, while also ensuring you comply.

    Tax implications
    A Holiday Let investment attracts several different taxes. Aside from Stamp Duty Land Tax, which you have to pay when you purchase any Holiday Let property, you may also have to pay Income Tax on the rent you receive and Capital Gains Tax when you sell the property. Rental income must be declared on a Self Assessment tax return. However, you can deduct costs such as mortgage interest and letting agency fees from the rent you receive first. And like anything else you own, a Holiday Let property will form part of your estate for Inheritance Tax purposes. There may also be tax advantages relating to any capital you spend in kitting out your property. We recommend that you speak to an accountant for more in-depth information.

    Marketing your Holiday Let
    You can choose to market the property yourself, or use a holiday letting agency. It is important to make sure your property is visible to potential customers searching online and that they can see anything which sets you apart from your competitors.

  • How do I apply for a holiday let mortgage?

    You may have found a property before you read this or you may not have started looking. No matter what stage you’re at you should speak with us before you commit yourself to a property, to make sure you can afford it and can raise the necessary finance. Please check your eligibility and schedule a call with our team.

    To help us assess each application we may ask for some or all of the following:

    • Background details of the applicants in the form of a C.V.
    • Details of present/anticipated income and expenditure. We may request this to form part of a business plan incorporating a cashflow forecast and trading projections.
    • Details of existing assets and liabilities.
    • Recent certified/audited accounts.
    • Recent statements on your bank/building society accounts.

    The next step will be to fill in the mortgage application form. Once the mortgage application form has been completed, we will ask you to pay the mortgage valuation fee so that we can send a professional valuer to report on the property to make sure we can lend what you need.

  • Can I let my property on Airbnb?

    There are various laws and regulations in the UK that may determine whether or not you are able to offer your property for short term let on Airbnb.

    1. Leasehold properties

    If you own, or are looking to buy a leasehold property, check the terms of the lease agreement carefully. Some homes are noted as for ‘private residence only’, and in these cases, you can’t rent out your property short term and we won’t be able to provide a holiday let mortgage. Leasehold is a particularly common ownership structure for flats, but can apply to houses too.

    2. Regional regulations

    Some cities and regions have particular rules around short term letting. It’s important to do your research and find out if the destination you have in mind is subject to any additional rules and regulations.

    3. More information

    Check out the Airbnb website for information about regional regulations, plus some more considerations for becoming an Airbnb host.

  • Do you lend on properties which are restricted to holiday let use only?
    Yes - in some circumstances and depending on the wording of the restriction. Occupancy restricted properties qualify for our specialist products and valuations are carried out by a commercial valuer due to the fact the property cannot be used as a main residence. The valuation fee is at cost and will be confirmed by your relationship manager.
  • Where can I find out more about the short-term lets legislation in Scotland and how it will affect me?

    The Scottish Government has introduced a licensing regime for short-term lets in Scotland. Under the scheme, local authorities will be required to establish a short-term let licensing scheme by 1 October 2022.

    You can find out more about the change in legislation on the following websites:

    Visit Scotland

    Scottish Government

    Edinburgh Council

    You could commit a criminal offence if you don’t comply, so it’s important to seek legal advice to check whether the legislation affects you or your property.

  • Do you lend to ex-pats?

    We do not lend to applicants who reside outside the UK. If you are existing customer and reside outside the UK and wish to discuss your mortgage, please give us a call on 01228 403 312.

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