"It’s great to see another lender coming into the holiday let lending space. "
The mortgage is available for purchase and remortgage up to 75% LTV on a maximum loan size of £750,000 and a maximum term of 40 years, for repayment or interest-only.
Rental coverage will be assessed at 135% on an average of low/medium/high over 30 weeks. For remortgage 100% of evidenced rental receipts in a 12 month period will be used.
Andy Yates, BDM at Teachers Building Society, said: “We’re pleased to be one of only a handful of lenders to offer specially designed mortgages for properties to be used as holiday homes.
"This new holiday let mortgage is just one addition to changes we have made over the last year or so, including opening up our lending to applicants of any profession, updating our lending criteria to include new income types, such as the ability to use 100% of NHS/police allowances and overtime, clarification as to when stipend income is accepted and new criteria for bank nurses and locums.”
Mark Stallard from House and Holiday Home Mortgages, commented: “It’s great to see another lender coming into the holiday let lending space. Teachers has a good reputation for helping borrowers in niche areas. There is an ever-growing demand for holiday let borrowing and having Teachers Building Society as a lender is an excellent addition to my panel of specialist lenders.”
