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Swansea Building Society has announced it is cutting rates on holiday let mortgages and is offering more flexible borrowing terms to customers wishing to take out these products.
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The society said it was changing the calculation used to stress test the mortgage payment for buy-to-let and holiday lets to reflect the tax status of the main applicant.
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It would also consider income from Airbnb lettings and it would accept projected income. What’s more, Swansea said it would look at lending on unusual properties on both buy-to-let and holiday let cases.
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Borrowers will now also be able to take advantage of the newly-reduced rates. Swansea revealed it had cut rates to 3.55% variable (previously 4.25% variable) on mortgages with a loan-to-value (LTV) ratio of up to 60% and to 3.95% variable (previously 4.75% variable) on mortgages with an LTV of up to 70%.
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The move comes after Swansea reported a big increase in enquiries for holiday let mortgages in recent months. This appears to be a response to ongoing restrictions on overseas travel due to the Coronavirus.
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Alun Williams, chief executive of Swansea Building Society, said: “We are proud that we have remained open for both our savings and mortgage customers through the crisis, supporting our members in every way we can.
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“As lockdown now eases, we are seeing an uptake in enquiry levels especially around the more specialist mortgage areas such as holiday let and self-build and we are delighted to be able to lower our rates on buy-to-let and holiday let mortgages in particular.”
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By Kate Saines
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Source: Mortgage Finance Gazette
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