Published: 3 May 2022
Darlington Intermediaries has launched a Holiday Let mortgage, exclusive to L&G Mortgage Club members.
The product is in addition to the lender’s existing Holiday Let mortgage, which was introduced last year as demand for staycations – and holiday let properties – increased during the pandemic.
The new, 2-year fixed rate product can be secured with up to 75% LTV and a maximum loan size of £750k.
Applicants can use the property for personal use for up to 90 days a year and AirBnB properties are eligible.
Whereas many holiday let mortgages typically assess their ICR on a 30-week basis, where there is evidence for sufficient demand at the property, Darlington Intermediaries will assess this income on up to a 43 week basis.
Chris Blewitt, Head of Intermediary Distribution at Darlington Intermediaries, said:
“This is the first exclusive mortgage that Darlington Intermediaries has developed. With the extensive and continued support we receive from L&G Mortgage Club, it made sense to extend the proposition to them. L&G have been a fantastic partner in other aspects of our intermediary offering, and we hope that their members take advantage of this fantastic mortgage.
“When the pandemic hit, many of us reassessed our lifestyles. As swathes of people opted for staycations, others chose to move to more rural locations in greener spaces. For some people this sparked new business ventures in holiday rental properties. This mortgage enables people to realise that dream, with the added reassurance of a fixed rate for two years.”
Eligibility and criteria is based upon individual circumstances.
Darlington Intermediaries’ helps make complex cases simple, manual underwriting is just one tool at their disposal. Experienced underwriters tailor right-fit mortgages from over 300,000 elements of criteria.
The exclusive L&G Mortgage Club Holiday Let mortgage is available in England and Wales only.