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Holiday let mortgage broker launches exclusive remortgage scheme
Added: (Tue Jul 31 2007)
Press information for immediate release – 31/07/2007
Holiday let mortgage broker launches exclusive remortgage scheme
Holiday Let Mortgages has announced the launch of an exclusive remortgage scheme for holiday homes. This unique scheme will allow holiday home owners to remortgage on to a competitive tracker rate which also offers a free valuation and free legal fees.
This exclusive mortgage scheme offers loans up to 80% of the property value to refinance existing mortgages or to raise capital.
Sean Horton, Director of Holiday Let Mortgages, said: “This scheme has been specifically designed by ourselves for owners of holiday let properties who traditionally, have had a limited range of mortgage options available to them. The inclusion of properties with a usage restriction together with those located in Scotland breaks the mould for current products and we can also use personal income to top-up the rental income if it falls short.
This is a fast growing market and no other scheme is comparable for underwriting flexibility, together with the cost savings of a free property valuation and free legal fees for remortgages.”
In brief, the new product offers:
* Remortgages up to 80% of current value
* 6.14% 2 year tracker rate. BBR +0.39%
* Free basic valuation and free legal fees
* Available in England, Wales and Scotland
* Ability to use rental income and personal income
* Maximum loan of £500,000
* £999 application fee
* Properties with usage restriction acceptable
Sean summarises: “There are estimated to be around 300,000 holiday homes owned in the UK. Only recently have lenders recognised that lending on a holiday let property is no more risky than buy to let and the market is just starting to provide innovative products and solutions. In the past, prospective owners would have needed to use commercial finance. We hope this new product proves to be an attractive alternative to more expensive commercial mortgages.”
Ends
Contact: Sean Horton, Director, Holiday Let Mortgages, on:
020 8301 7931, fax: 020 8304 9788
Email: sean.horton@holidayletmortgages.co.uk
140 Long Lane Bexleyheath Kent DA7 5AH
Editor’s Notes:
Around 500,000 UK households own a second home and 60% of these are located in the UK. Recent research estimates that half of all Britons aspire to owning a holiday property.
About Holiday Let Mortgages
www.holidayletmortgages.co.uk was launched in 2006 to provide specialist advice to clients wishing to invest in a UK furnished holiday let property. We are the UK’s premier holiday let mortgage broker with access to the whole market together with some exclusive mortgage schemes we have designed ourselves.
www.holidayletmortgages.co.uk is a trading style of Enhanced Wealth Ltd who are authorised and regulated by the Financial Services Authority to provide mortgage and insurance services.
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