Furness allows holiday let owners to vacation at home

by: Heather Greig-Smith
  • 09/05/2017
  • 0
Furness allows holiday let owners to vacation at home
Owners of holiday lets can use their property for up to 90 days a year under a new range of products from Furness Building Society.

The lender, which launched into the holiday let market this time last year, has introduced the change to allow borrowers to make use of their property themselves – something not all lenders permit.

The Furness will also include gross holiday rental income as well as personal income when calculating affordability. Products are available up to 75% loan-to-value.

Head of products Euan Ballantyne said: “Furness is an established mortgage provider of holiday let mortgages and we think that changing our criteria will appeal to a wide range of brokers who are looking to place this type of business within England, Wales and Scotland.

“We think it makes sense that if you own a holiday let property you’re more than likely to want to use it for your own holidays so we’ve removed this restriction from our criteria.”

Ballantyne joined Furness from Tesco Bank, where he was head of mortgage intermediaries, in March.

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