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At Mansfield Building Society, we offer holiday let mortgages up to 75% loan to value (LTV).

Our holiday lets are available across England and Wales. We can offer Limited Company holiday let mortgages (subject to product availability) and can also consider Expat holiday let mortgage applications.

Many people like the idea of owning a holiday home, where they can earn income from renting it out and use it themselves too, however there is a lot to consider. Landlords owning, or looking to buy a holiday let, can occupy the property themselves for up to 60 days per year with us.

Our holiday let mortgages are available subject to certain criteria which are the terms and conditions that need to be met to allow us to lend. You can find out more about our holiday let mortgage criteria in the Frequently Asked Questions below.

Our available holiday let mortgages are also shown below. To find out more, call us on 01623 676345 or intermediaries call 01623 676360.

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2 Year Discounted Variable Rate Holiday Buy to Let – DIB078

Term 2 years
Initial Rate1 6.29% variable
Overall Cost For Comparison2 8.9% APRC
MAX LTV3 75%
Early Repayment Charge 2% in Year 1, 1% in Year 2
Product Fees £199 application fee, 1% completion fee
  • The £199 Application Fee is non-refundable and payable at the point of application
  • The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage

A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.

Fee Amount
Value of the fee with interest at 10 years
Value of the fee with interest at 15 years
Value of the fee with interest at 25 years
£1,000 8.49% £1,849.00 £2,273.50 £3,122.50

Holiday Let Mortgages Frequently Asked Questions

What is your holiday let mortgage criteria?

Our holiday let mortgage criteria outlines the requirements landlords will need to meet for us to be able to offer them a mortgage. This can cover the size of the deposit, the type of property, how we assess affordability and much more.

We have broken down some of this criteria in our Frequently Asked Questions to help you understand the main points.

What are the minimum and maximum ages required?

We require a minimum age of 25 years to be able to apply for our holiday let mortgages and the mortgage needs to be repaid before age 85.

We also have a maximum mortgage term of 40 years.

Is there a minimum income required?

Yes, we require a minimum income of £35,000 to qualify for our holiday let mortgages. Landlords must also be owner-occupiers on a residential property.

What are furnished holiday let mortgages?

Furnished holiday let mortgages are holiday let mortgages where the property qualifies as a furnished holiday let under HM Revenue and Customs (HMRC) tax rules.

HMRC have a definition for furnished holiday lets because these have special tax rules. You can find out more here. We only lend on properties that can qualify as a furnished holiday let under the HMRC definition.

What deposit will I need for a holiday let mortgage?

We typically ask for a minimum 25% deposit for a holiday let mortgage. This means we can lend up to 75% loan to value (LTV) of the property price.

What types of holiday let mortgages do you offer?

Subject to product availability, we can offer fixed rate or discounted variable rate mortgages for holiday let mortgages. We also allow capital repayment or interest only holiday let mortgages.

Please check our individual holiday let mortgage products for full features.

Do you offer limited company holiday let mortgages?

We can accept limited company holiday let mortgages for purchase or remortgage, subject to product availability.

What types of properties will you accept for a holiday let mortgage?

Properties used for holiday lets must have a minimum property value of £200,000 and qualify as a Furnished Holiday Let under HM Revenue and Customs (HMRC) definition. Lending on holiday parks or complexes, B&Bs, and properties subject to title, local or occupancy restrictions are excluded.

Our holiday let mortgages are currently available on properties located in England and Wales

How do you assess affordability for a holiday let mortgage?

We will need Low, Mid and High Season rental figures for the property from a letting agent or valuer. We will then use an annual average of the 3 seasons’ income, after the agent’s letting fees have been deducted (or 20% of gross rents if this is not confirmed) to get an estimate of the overall annual income from the property.

To find out if the income can cover the monthly mortgage payments, we’ll calculate the estimated monthly income based on 70% of the annual average (to allow for potential rental voids). This figure must be at least 125% of the monthly mortgage payment calculated at 6.5% or 2% above the product pay rate (whichever is higher) on an interest only basis.

We can also accommodate background income or other earned income to help meet a shortfall in rental income on one property per landlord, this is something known as Top Slicing. When Top Slicing is used, the estimated monthly income must be at least 100% of the monthly mortgage payment calculated at the product pay rate.

What are your holiday let mortgage rates?

Our holiday let mortgage rates are provided on our mortgage product webpages. You will see two rates, the Initial Rate and an Overall Cost for Comparison.

The Initial Rate is the rate available during the initial term of the mortgage. Once that initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR), which is set by us.

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges relating to the mortgage over the overall mortgage term, including any time on our SVR and not just the initial term. The full cost, including all charges relating to the mortgage, is shown in detail on each product as a Representative Example.

Prior to the expiry of the initial term, we do write to borrowers informing them of the impending reversion to our SVR. At this point, we advise them of the new rate and, where possible, offer a new fixed rate or discounted rate deal.

During the Initial Rate period it is likely that an Early Repayment Charge (ERC) will apply if you choose to leave us and go to another lender or repay more than 10% of your mortgage or pay off your mortgage in full. Borrowers on our SVR can leave us or repay their mortgage without charge.

Do you offer Expat Holiday Let mortgages?

Yes, we offer Expat Holiday Let mortgages on specific mortgage products. As well as needing to qualify for our holiday let criteria, applicants will also need to meet our Expat Buy to Let lending requirements.

You can find out more about our Expat Buy to let criteria on our website here.

holiday home rental example - white cottage with coastal view

Case Study: Period Property Holiday Let

See how we helped a portfolio landlord with a holiday let mortgage to purchase a period property .

Elderly couple walking in garden

Case Study: Limited Company Holiday Let

In this case study, we agreed a holiday let mortgage for a limited company with lending into retirement.


1. Initial Rate

The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR. Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.

2. Overall Cost for Comparison

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Max LTV

Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.

Your home may be repossessed if you do not keep up repayments on your mortgage

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Understanding Mortgages

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