L&G Mortgage Club partners with Harpenden BS to offer holiday let exclusive

The two-year discounted mortgage has an initial rate of 2.59 per cent with a £100 application fee, an £800 completion fee which can be added to the loan, and scaled valuation fees.

An early repayment charge of two per cent applies for the two-year period. The product is offered up to 80 per cent loan to value (LTV) on a repayment basis or 75 per cent LTV on an interest-only deal.

There are no upper age restrictions and up to four borrowers per application are accepted.

The deal can be used by borrowers who are purchasing a property as a holiday let that would have previously been labelled for consumer buy-to-let.

The Harpenden will assess the borrower’s financial profile to make sure they have enough funds to afford the mortgage and running costs for up to three months if the property is empty.

There are no restrictions on the location of the property giving prospective buyers wider purchase options within England and Wales. Properties can be adjacent or above commercial premises. Gifted deposits from a family member are accepted and a personal usage allowance of up to 90 days has been introduced.

Danny Belton, head of lender relationships, Legal and General Mortgage Club, said: “Demand for holiday let investments is still surging and we are proud to partner with Harpenden Building Society to respond to this growing appetite in the market with our latest discounted exclusive.

“This exclusive offers advisers welcome access to another competitively priced product, widening the choice they can offer to borrowers looking for holiday let solutions. The Harpenden is a longstanding partner of Legal and General Mortgage Club, and we are pleased to be continuing to expand our offering to advisers with the building society.”