Mortgages assessed by expert underwriters, not computers.
You can occupy the Holiday Let property for up to 60 days per year.
Personal income/wealth considered.
At The Mansfield, we offer holiday let mortgages up to 70% loan to value (LTV).
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 and we will need to assess the seasonal rent from occupancy as part of the affordability (see below).
Our holiday lets are available across England and Wales. Properties used for holiday lets must have a minimum property value of £150,000 and qualify as a Furnished Holiday Let under HM Revenue and Customs (HMRC) definition. Lending on holiday parks or complexes, B&Bs, AirBnB and properties subject to title, local or occupancy restrictions are excluded.
We assess affordability for holiday let mortgages based on a proportion of the annual average of Low, Mid and High Season income and we can take into consideration earned income or other personal wealth. For more information please see section 5 of our Buy to Let Mortgage Guide.
Our available holiday let mortgages are below. To find out more, call us on 01623 676345.
| Term | 5 years |
| Initial Rate1 | 3.85% |
| Overall Cost For Comparison2 | 5.1% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 3% |
| Product Fees | £199 application fee, £1,300 completion fee |
A mortgage of £134,476.00 payable over 25 years initially on a fixed rate of 3.85% for 5 years and then on our current standard variable rate of 5.35% for the remaining 20 years would require 59 monthly payments of £431.44 and 240 monthly payments of £599.58; plus one initial interest payment of £425.53
The total amount payable would be £306,384.69 made up of the loan amount, plus interest and fee(s) totalling £171,908.69. This includes Application Fee (£199), Valuation Fee (£225), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,300) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.1% APRC representative.
| Term | 3 years |
| Initial Rate1 | Currently 3.19% |
| Overall Cost For Comparison2 | 5.1% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 3% |
| Product Fees | £199 application fee, £1,300 completion fee |
A mortgage of £452,200.00 payable over 25 years initially on a variable rate, currently 3.19% for 3 years and then on our current standard variable rate of 5.35% for the remaining 22 years would require 35 monthly payments of £1,202.10 and 264 monthly payments of £2,016.25; plus one initial interest payment of £1,185.63
The total amount payable would be £1,030,164.13 made up of the loan amount, plus interest and fee(s) totalling £577,964.13. This includes Application Fee (£199), Valuation Fee (£511), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,300) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.1% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage
Want to ask us a specific question? Enquire online here or phone us on 01623 676345
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