Cumberland now lend up to £750,000
Cumberland Building Society are one of the few lenders truly in the holiday lending market and we have regular contact with them to discuss mortgage lending solutions for our holiday let investors.
The reason is that they have made the UK holiday let/short term let market or “staycation” as its colloquially known, part of their core lending business. Furthermore, their underwriters have years of experience and have developed an understanding of the market for both simple and complex cases. Our role as a broker is twofold. Firstly, we have to understand and advise the client and secondly we have to know which lenders fit the requirement. It is especially helpful for us to be able to deal directly with an experienced underwriter who can understand the situation quickly and give fast responses and moreover with a lender who is positively looking for reasons to help our customers.
Cumberland Building Society has now reaffirmed its commitment to the Holiday Let market, through some improvements to its standard holiday let product range.
This week, it was announced in the press that the Society would both increase its loan size and add a fixed rate option to its range of holiday let mortgage products.
They will now lend up to £750,000 on standard product terms, up to 60% LTV. Special bespoke lending products are available for larger loans and for higher LTVs.
In the press release David Wallace, Business Lending Manager at Cumberland, said:
We see this change in Cumberland’s lending criteria and product range as a massive boost for a sector that’s already thriving, further enhancing the UK as a holiday destination and an attractive sector in which to invest.