It is frustrating that only a small number of mortgage providers lend to borrowers who are investing in holiday let properties in Scotland (writes Howard Reuben, Principal, HCH Financial Services).
Having recently come back from a short holiday north of the border, I was reminded just how beautiful the country is and what stunning landscapes there are to enjoy. However, with my broker hat on, I again felt disappointed that only a handful of lenders will service this market. We also have the same restrictions in Northern Ireland unfortunately – meaning the mortgage market is limited for these countries.
That said, as a broker who is not tied to any one lender, we can still provide clients with access to a variety of options. And, this week, I researched a holiday let mortgage for Scottish properties – and found the below product, which features a comparatively low fee. Below are the key details:
Five-year fixed rate
6.64%
1.25% arrangement fee (can be added to the loan)
Free valuation
10% per year overpayment permitted without penalty
Maximum 75% LTV
Maximum individual loan: £1,500,000
The property must be of standard construction and within easy reach of a major holiday town
For detailed criteria and personalised quotes, contact HCH Financial Services:
Call: 0333 123 4536
Email: advice@hchfs.com
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