Principality increases BTL maximum loan sizes

Principality now lends up to £750,000 at 60% loan-to-value, and 75% loan-to-value on loans up to £500,000, while increasing the maximum age of applicants from 75 to 85 years old.

Holiday let customers will also now be permitted to borrow on two properties rather one.

Emma Graham, national account manager at Principality Building Society, said:  “The enhancement to our criteria will allow us to continue to support clients who invest in property. We have also decided to lend on a second holiday let, which means we are offering an opportunity for clients to extend and strengthen their investment portfolios.

“With signs that more people are enjoying staycations, there is a growing need for suitable holiday properties across the UK, and our improvements reaffirm our commitment to supporting UK landlords.”

Mark Lanario, holiday let specialist at Enhanced Wealth Ltd, added that these lending criteria changes have confirmed the lender’s commitment to the holiday let market.