Mortgage News
Scottish BS launches holiday let mortgage
The Scottish Building Society has launched a mortgage product for borrowers looking to purchase or remortgage a property used for holiday lets.
The mortgage is available on a three-year discounted variable, with a current rate of 3.75 per cent. It comes with a fee of £995.
The deal is available on properties across Scotland, with loans ranging from £50,000 to £350,000.
Up to 50% of the rental income may be included in the affordability calculation if it has a previous track record. The deal is available up to 80 per cent on a capital repayment basis or 75 per cent on interest-only.
Paul Alexander, head of business development and sales strategy, at Scottish BS said there had been a “massive growth” in the number of properties let as holiday accommodation through portals like Airbnb, particularly in areas popular with tourists like Edinburgh.
He added: “Brokers have told us there is a demand for a product designed to meet the needs of this developing market.”
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