Hodge cuts rates on holiday let deals

The lender offers both two and five-year fixed rate options with 50, 60 and 75 per cent LTV borrowing options available.

The rate for its two-year fixed rate at 75 per cent LTV now stands at 3.7 per cent, down from 3.8 per cent, whilst the five-year fixed rate at the same LTV has fallen from 4.05 per cent to 3.95 per cent. Both come with a £995 fee.

The minimum loan size for a holiday let is £50,000 and the maximum loan size is £1.5m. The minimum property value is £120,000 and is capped at £10m, and valuation fees are free up to £1m in property value.

Emma Graham, business development director at Hodge, said: “The holiday let market has had a bumper year, with the pandemic and lockdowns restricting holiday choices for many and attracting new people to the market, and as a result it has been a very popular mortgage product in a very competitive market.

“So, it is great to be able to offer this rate reduction on our holiday let products, as well as our flexible way of lending and assessing applications on a case-by-case basis, further helping our intermediary partners get their customers the mortgages they need at the right rate.”