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Cumberland BS increases holiday let mortgages to 75 per cent LTV

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  • 19/10/2020
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Cumberland BS increases holiday let mortgages to 75 per cent LTV
The Cumberland Building Society has increased its maximum loan to value (LTV) for holiday let mortgages to 75 per cent.

 

The change brings the range back in line with its proposition pre-lockdown.

At the same time, the Cumberland has re-introduced its two-year variable holiday let mortgage product, which had previously been withdrawn in August.

The two-year product is available at 3.54 per cent, joining the five-year fixed rate mortgage at 3.74 per cent.

Simon Whitwham, head of Cumberland business said: “Since the initial lockdown in March, we’ve been focussed on balancing the needs of our existing holiday let customers, a high proportion of whom required mortgage holidays for three to six months, while continuing to serve new borrowers.

“A survey we commissioned suggested 83 per cent of Brits plan to holiday in the UK rather than abroad this year, and 71 per cent intend to plan a UK holiday in 2021.

“Pair this with chancellor Rishi Sunak’s stamp duty holiday announcement in July, and holiday letting as an investment opportunity started to turn heads.

“In August, a surge of holiday let mortgage interest saw us hit record enquiry numbers, and demand remained high throughout September. Withdrawing the two-year products was the right thing to do, to allow us to give our existing customers the best possible service and support during that time.”

 

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