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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.

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.

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%.

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.

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.

“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.”

By Kate Saines

Source: Mortgage Finance Gazette

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