Teachers launches holiday let mortgage

Teachers launches holiday let mortgage

The Teachers Building Society has launched a variable rate mortgage targeted at properties in the holiday let sector.

Available for purchase and remortgage in England and Wales, the two-year product is available at up to 75 per cent loan-to-value.

Included in the criteria is a maximum loan size of £750,000 and a maximum term of 40 years.

For a remortgage rental assessment the lender requires 100 per cent of evidenced rental receipts for a 12 month period used.   

Andy Yates, business development manager at Teachers Building Society, said the lender was one of a handful to offer specially designed mortgages for properties to be used as holiday homes.

He said: "This new holiday let mortgage is just one addition to changes we have made over the last year or so. 

"We have opened up our lending to applicants of any profession, updated our lending criteria to include new income types, such as the ability to use 100 per cent of NHS and police allowances and overtime, and added clarification as to when stipend income is accepted and new criteria for bank nurses and locums."  

The society was founded in 1966 to help teachers onto the property ladder, but in November 2017 the lender began offering mortgages to borrowers of any occupation. 

Mark Stallard, mortgage adviser at House and Holiday Home Mortgages, said it was good to see another lender come into the holiday let lending space.

He said: "Teachers has a good reputation for helping borrowers in niche areas. There is an ever-growing demand for holiday let borrowing and having Teachers Building Society as a lender is an excellent addition to my panel of specialist lenders."