Holiday Let Mortgages

Proc Fee

We will pay a gross procuration fee of 0.4% on all new introduced business and 0.3% on all product transfers. The fee is usually paid within five working days following completion. Procuration fees may vary for our recognised Clubs & Packagers.

Repayment type

Interest only and repayment options available

Key features

Availability – Purchase & Remortgage up to 80% Loan To Value (LTV). Minimum deposit of 20% required.
Flexibility – Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
Portable.

Early repayment

For full repayment of a 5 year fixed product, you will pay 3% of the outstanding balance in years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).

For overpayments of a 5 year fixed product, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.

For full repayment of a 2 year fixed or discounted product, you will pay 3% of the outstanding balance in the first year and 2% in the second year, plus a Closing Administration Fee (currently £100).

For overpayments of a 2 year fixed or discounted product, you will pay 3% on any amount exceeding your 20% limit in the first year and 2% in the second year.

Product fees

Valuation fee.
Product fee £999 for individual applications and £1,499 for limited company applications.

Lending criteria

Lending Criteria and Information

Loan:	Size: Minimum £50,000, Maximum £1,000,000 at 75% & Maximum £500,000 at 80%. Term: Minimum 5 years, Maximum 40 years. Repayment Type: Capital Repayment, Interest Only
Property:	Minimum value is £100,000. The property must be in England, Wales or Mainland Scotland, Shetland, Orkney, Arran, Bute, Skye, Harris & Lewis, Mull and Islay and be of standard construction. No properties on sites. Maximum 5 bedrooms.
All applicants:	Must be UK residents. Minimum age 21. No maximum age, subject to income in retirement.
Income:	Household income must be at least £20,000.
Rental:	The calculation is based on the actual or expected rental on an AST basis. Rent must cover 125% of the ‘stressed mortgage payments’ for basic rate tax payers, or 145% for higher rate tax payers. The stressed mortgage payment is based on the product rate +2% or 5.5% whichever is higher.
Underwriting:	We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for your case will depend on your circumstances and our assessment of the risk. We will consider holiday lets throughout England and Wales subject to acceptance by the Society’s valuer.
Other information	You must be able to service your existing commitments from income without recourse to the rent from this property. If you have a Buy to Let or Holiday Let portfolio, you will need to demonstrate that this is self-funding.

Useful stuff

Lending Criteria and Information

What our Intermediaries are saying

“Helpful and flexible criteria. ”

“The BDM was knowledgeable and insightful.”

“I find the underwriting very flexible - being able to talk to the underwriter is also massively helpful. Really impressed.”

“Bath seem to have a good policy on adverse credit and rent a room products.”

“Lovely little lender, able to help when the big boys can't.”

“Staff so easy to talk to and knowledgeable. This was my first case with Bath but already have another that will be coming your way.”

How to apply

Contact us

Mortgage products withdrawal

Professional Intermediaries