The Melton adds holiday let product to range

The rate for the two-year fixed rate product is priced at 3.49 per cent, at 75 per cent loan to value (LTV), with a £199 fee.

There is a £1,299 completion fee and two years’ early repayment charges.

Dan Atkinson, head of intermediaries at The Melton, said: “Demand for holiday buy to let remains strong and this addition of a fixed rate complements our existing discounted product giving customers more choice.”

The interest coverage ratio calculation on the holiday buy to let is 130 per cent of the mortgage payment, at a stressed rate of 5.5 per cent, which is lower than the lender’s standard product range.

The product is available on regulated and non-regulated cases to first-time buyers, first-time landlords and non-owner occupiers with a minimum income of £25,000, which can be shared between joint applicants. 

There is no upper age limit. 

“Our flexible criteria, combined with manual underwriting, makes our holiday buy to let an attractive proposition for investors looking to make the most of the staycation boom,” Atkinson added.