New mortgage from Suffolk Building Society

Suffolk Building Society has released a five-year fixed rate holiday let mortgage which allows borrowers to lend up to 80% of the property's purchase price (writes Howard Reuben, Principal, HCH Financial Services).

Here are the key features of the product:

Five-year fixed rate at 5.59%
Up to 80% LTV
Available for purchases and remortgages
Up to 60 days of personal use per year
Fee-free overpayments up to 50% of the original loan
First-time landlords will be considered provided they are owner occupiers
Maximum loan amount per property: £1 million
Application fee: £199 (payable on application)
Arrangement fee: £999 (can be added to loan)
Loan amount assessed using average weekly rental from high, mid, and low seasons, which the lender will typically multiply by 30 weeks (or 35 weeks if the property has been let for two years by the applicant)
First-time rental properties considered
No maximum age

Consider also that Suffolk Building Society is a manual underwriter which doesn't credit score. It provides a human assessment on each application.

For details, contact the HCH Financial Services team today:

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