Leeds BS and SimplyBiz Mortgages partner to launch exclusive holiday let product

  • 12/08/2021
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Leeds BS and SimplyBiz Mortgages partner to launch exclusive holiday let product
SimplyBiz Mortgages and Leeds Building Society have teamed up to launch an exclusive holiday let offer to the club's members.


The deal is available with immediate effect and is available on loans to value up to 75 per cent, with rates starting at 3.89 per cent for two years.

It come with no fees, assisted legals, free valuation and a procuration fee of 0.5 per cent.

Earlier this month Leeds Building Society revised its criteria to allow the use of average of seasonal income in its affordability assessment for holiday let applications.

The mutual has also altered minimum income requirements and will accept joint applicants with a total income of £60,000 where one applicant earns less than £40,000.

It has also added 60 per cent and 70 per cent LTV deals to its holiday let offering in March , as well as a 75 per cent LTV product in May.

SimplyBiz Mortgages head of mortgages Makayla Everitt said: “People choosing to explore more of their home nations has, unsurprisingly, prompted an interest in investment into property for holiday let purposes and we are particularly pleased that the team at Leeds Building Society has been able to offer this market-leading exclusive rate to our members.

“In addition, Leeds’ recent announcement on the changes to its affordability evaluation to better reflect a holiday lets’ earning potential means this is a very attractive solution.”

James Chutter, Leeds Building Society’s corporate account manager, added: “A higher demand for UK holidays, and the potential returns for a property investor, have created more competition in this area of the market.

“We’re delighted to provide SimplyBiz Mortgages members with this market-leading exclusive product, along with our recently enhanced affordability assessment to support clients as they achieve their goals.”

The holiday let market has been growing in popularity due to a combination of tax benefits, staycation boom and knockdown savings encouraging borrowers

Lenders have been entering, or re-entering, the space, with recent entrants including InterBay, Market Harborough Building Society, The Cumberland Building Society, Darlington Intermediaries and Cambridge Building Society.


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