Holiday Let

The Society is one of a handful of Lenders who offer specially designed mortgages for properties that are used as holiday homes. The property must be in England or Wales and be of standard construction and have a minimum value of £100,000.  The maximum loan-to-value (LTV) is 75%, reduced to 70% for flats or apartments.  We do not lend on properties on sites. Properties with restrictive usage or holiday let covenants are acceptable.  Properties with such covenants or with more than four bedrooms will also have a maximum 70% LTV restriction.

Product Name

The overall cost for
comparison is:

Rate structure based on our Standard Variable Rate




Early Repayment Charges

2 year Holiday Let 0.30% Discount

5.5% APRC

4.99% variable for 2 years followed by
Standard Variable Rate (SVR), currently 5.29%.

Purchase & Remortgage
up to 75% Loan To Value (LTV). Minimum deposit of 25% required.

Overpayments up to 20% of the capital
balance as at 1st January are allowed in each calendar year without penalty. Portable.

  • Product Fee 0.75% of advance (Minimum £999)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3% in year 1, 2% in year 2, plus a Closing Administration Fee (currently £100).

An example: A mortgage of £241,000 taken out for a period of 24 years on a repayment basis.

Monthly Instalments: £1,439.73 per month for 23 months, followed by £1,485.40 per month for 264 months.

Total amount payable: £427,881.89

Total amount of credit; £241,000

The total amount payable includes product fee £1,807, valuation fee £365, administration fee £125, closing fee £100 and completion fee £75.

The example is based on a typical mortgage and assume that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.

We have no current plans to withdraw these products but they may be withdrawn without notice. Ask for a personalised illustration.

Lending Criteria and Information


Size: Minimum £50,000, Maximum £300,000 at 75% and £300,000 to £500,000.00 at 65%
Term: Minimum 5 years, Maximum 40 years.
Repayment Type: Capital Repayment, Interest Only.


Minimum value is £100,000. The property must be in England or Wales and be of standard construction.  No properties on sites. Flats or apartments up to 70% LTV at £300,000 or 60% at £500,000. Properties with restrictive usage or holiday let covenants are acceptable providing that they are used in compliance with that restriction. Properties with such convenants or with more than four bedrooms will have a maximum LTV of 70% LTV at £300,000 or 60% at £500,000. Must be in England or Wales.


Age: Minimum 25, no maximum, subject to income in retirement.


Household income must be at least £30,000.


Based on 75% annual occupancy. Rent to cover 130% of interest at pay rate.


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. Holiday lets with restrictive usage covenants are acceptable providing that they are used in compliance with that restriction.

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.

For more information please contact the Mortgage Sales team on 01225 475737 or via email at

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