HOLIDAY LET MORTGAGES
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 operating area is:
- Cumbria (all CA and LA postcodes)
- South-West Scotland (all DG postcodes and TD9)
- West Northumberland (NE45-49)
- Preston area of North Lancashire (all PR, FY, LA AND BB1-3 and BB5-7)
Please note that if the property you are looking to mortgage is outside of our operating area, there are restrictions if you wish to borrow on an interest-only basis. Please contact us for further details.
Your interest rate tracks the Cumberland Commercial Variable Base Rate (CVBR), currently 5.24%, 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 |
|---|---|---|---|---|---|
| 1.89% | 5.24% | £1,000 | |||
Representative Example:
A mortgage of £75,000 payable over 22 years initially on this variable rate product for 3 years at 3.35% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 5.24% for the remaining term of the mortgage, would require 36 monthly payments of £401.90 and 228 monthly payments of £469.60. The total amount payable would be £122,662 made up of the loan amount plus interest (£46,537), 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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| 1.49% | 5.24% | £1,000 | |||
Representative Example:
A mortgage of £75,000 payable over 22 years initially on this variable rate product for 3 years at 3.75% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 5.24% for the remaining term of the mortgage, would require 36 monthly payments of £417.63 and 228 monthly payments of £471.74. The total amount payable would be £123,716 made up of the loan amount plus interest (£47,591), arrangement fee (£1,000) and other lending fees (£125). The overall cost for comparison is 5.1% 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 Key Facts Illustration, please contact us directly. |
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| 1.00% | 5.24% | £1,000 | |||
Representative Example:
A mortgage of £75,000 payable over 22 years initially on this variable rate product for 3 years at 4.24% and then on the Cumberland Commercial Variable Base Rate (CVBR), currently 5.24% for the remaining term of the mortgage, would require 36 monthly payments of £437.36 and 228 monthly payments of £474.28. The total amount payable would be £125,006 made up of the loan amount plus interest (£48,881), arrangement fee (£1,000) and other lending fees (£125). The overall cost for comparison is 5.2% 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 Key Facts Illustration, please contact us directly. |
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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 6.25% 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
- 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
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
Our team specialise in mortgages for holiday properties and we’re here to help guide you with our trusted and flexible service.
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.