HOLIDAY LET MORTGAGES

Buying a holiday property to let? Switching your holiday let mortgage? New to holiday let or experienced, we can help
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.

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% 2.95% 2.95% 4.5% APRC 4.5% APRC 2.04% 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 £130,000 payable over 19 years initially on this variable rate product for 3 years at 2.95% 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 £745.50 and 192 monthly payments of £863.08.

The total amount payable would be £193,744 made up of the loan amount plus interest (£62,549), arrangement fee (£1,000) and other lending fees (£195).

The overall cost for comparison is 4.5% 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% 3.35% 3.35% 4.7% APRC 4.7% APRC 1.64% 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 £130,000 payable over 19 years initially on this variable rate product for 3 years at 3.35% 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 £771.52 and 192 monthly payments of £867.32.

The total amount payable would be £195,495 made up of the loan amount plus interest (£64,300), arrangement fee (£1,000) and other lending fees (£195).

The overall cost for comparison is 4.7% 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% 4.99% 4.99% 5.2% APRC 5.2% APRC 0.00% 4.99% 1% (of mortgage amount) 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 £130,000 payable over 19 years initially on this variable rate product for 3 years at 4.99% 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 £883.65 and 192 monthly payments of £883.67.

The total amount payable would be £202,971 made up of the loan amount plus interest (£71,476), arrangement fee (1% of mortgage amount) and other lending fees (£195).

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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WHAT WE OFFER

We are holiday let mortgage specialists. Our team of experienced holiday let experts are here to help

Flexible Approach
We will work with you to understand your circumstances and find the best solution
Personal, Friendly Service
Our professionally qualified team of advisers 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
Where we lend
We will consider holiday let mortgages on properties throughout mainland UK
Who can apply
Individuals and partnerships qualify for our standard holiday let products
Limited companies, trusts and British Citizens living abroad (ex-pats) will be individually agreed
How much you can borrow
Typically up to 75% of the market value of the property (min £150k). Minimum mortgage £75k
Types of property we lend on
We can lend on freehold or long leasehold standard construction property throughout the UK
We are happy to consider applications where the property is subject to an occupancy restriction but in those circumstances our standard products are not available and the maximum loan will be restricted to 60% of the market value. We will not consider properties located on holiday parks, or wooden lodge type property
How we assess applications
As a guide, letting income (after agent’s commission), should be at least 125% of the mortgage interest
A suitable letting agent will be required to estimate the income if not already in place. We will also consider your personal income and asset/liability position. No minimum income or residential property ownership requirement
After mortgage discount period
A new deal may be available
You are able to apply for a new holiday let deal that is available at that time

FOR EXISTING CUSTOMERS

Looking for a new deal on your mortgage or want to borrow more

Time For A New Deal Image
Time For A New Deal
For existing Cumberland mortgage customers
New Holiday Let Deal
If your mortgage is approaching the end of its initial interest rate period, find out how you can move to a new deal
Borrowing More Image
Borrowing More
For existing Cumberland mortgage customers
Borrow More Holiday Let
You may be able to borrow more money on your Cumberland holiday let mortgage, for a range of purposes. Find out more here

AN AWARD WINNING MORTGAGE PROVIDER

Here are some of the recent awards we have won for our mortgage deals

MONEYFACTS FINANCE AWARDS 2016 Image
MONEYFACTS FINANCE AWARDS 2016
Regional Lending Provider of the Year
We won the Regional Lending Provider of the Year category at the 2016 Moneyfacts awards for offering the most consistently competitive products over the course of a year
MORTGAGE FINANCE GAZETTE AWARDS 2016 Image
MORTGAGE FINANCE GAZETTE AWARDS 2016
Best Regional Building Society
For the second year in a row and fourth in total, this title is awarded to the building society that has offered the most consistently competitive mortgage rates over a year
CHECK OUT OUR OTHER AWARDS Image
CHECK OUT OUR OTHER AWARDS
Have a look at our trophy cabinet
See Our Awards
We have won many more awards in recent years, including accolades for our mortgage deals, customer service and fraud protection services. You can read about them here
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Book a time for us to call you to discuss your needs
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MORE INFORMATION

Your solicitor should be on the Society’s approved panel. If not, we can look to add them to the panel.

Purchase Price (up to) Total Valuation Fee Payable
£50,000 £205
£100,000 £240
£150,000 £260
£200,000 £295
£250,000 £330
£300,000 £370
£350,000 £410
£400,000 £440
£450,000 £470
£500,000 £505
£600,000 £600
£700,000 £655
£800,000 £710
£900,000 £765
£1 million £820

Please note that for some properties, additional costs may be incurred, dependant upon distances travelled. If the property value is higher than those shown in the scale of fees, the Society will need to obtain a quotation from a local valuer.

You can complete electronically or by hand. If you are completing the form electronically, please save it to your device to ensure that your changes are recorded.

You can send the 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 L, but we require an original hard copy of the Mortgage Payment Method mandate in Appendix 1 to be posted to us.

Download the application form below.

As a condition of any mortgage you will need to ensure that the property is adequately insured (e.g. Building Insurance), however, this insurance does not have to be arranged through us.

DOWNLOADS

Application Form
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A Guide To Business Mortgages
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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.