Holiday let mortgages for the perfect staycation rental property

Holiday let mortgages

A home from home - we can help you buy the holiday home you have always dreamed of.

  • 6.14% variable rate. This mortgage product offers a variable interest rate that is discounted below our Buy to Let Standard Variable Rate for the first 2 years. At the end of the discounted rate period, the interest rate will revert to our Buy to Let Standard Variable Rate currently 9.49%.
  • No application fee
  • No arrangement fees on all holiday let mortgages (including free valuation up to £800k)
  • Your property can be marketed for rent through AirBnB type platforms. 
  • Please see below for full holiday let mortgage product details

Look no further to find out if you are eligible for a Holiday Let mortgage. Complete the following form or give us a call directly - we'd love to be part of your holiday home journey.

Good to know: our Holiday Let mortgages are for everyone, not just teachers. Please note that Holiday Let mortgages are not regulated by the FCA.

PLEASE NOTE: YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Now could be the ideal time for a holiday let mortgage

Staycations & the rise of holiday let mortgages

The increasing number of Britons holidaying in the UK is creating the perfect environment for a thriving holiday rental market – and there is real demand for Holiday Let mortgages.

Teachers Building Society provides specially designed mortgages for properties to be used as a Holiday Let – and can lend up to 75% loan to value, meaning you would need to put down a 25% deposit on your purchase. Our Holiday Let mortgages are available to applicants with any occupation - not just for teachers and education professionals. 

 

Please note our office is open between 9am and 5pm Monday to Friday. Evening and weekend appointments by prior arrangement.

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More about our holiday let mortgage products

Teachers Building Society specialises in Holiday Let mortgages – specialist in-house underwriters mean we’re not reliant on a computer generated response, allowing us to consider more unusual mortgage applications. You can take advantage of:

  • Lending up to £1 million at 75% LTV
  • Variable and fixed rate product options
  • Minimum income of £25,000 or for joint applications a combined income of £40k
  • Maximum age at end of term 83
  • Use of your property for up to 2 months per 12 month period
  • Lending is calculated on projected average rental income. For remortgages, we use 100% of rental received
  • Free valuation up to £800k
  • Arrangement fee: £0
  • No application fee on our variable rate product
  • Property can be marketed for rent through AirBnB type platforms
  • See further lending criteria below
  • Available for purchase and remortgage

Representative example

2 year discounted variable rate

A mortgage of £206,550.00 over 27 years initially on a discounted variable rate of 6.14% (equal to a 3.35% discount off our SVR) for 2 years and then our Standard Variable Rate, currently 9.49%, for the remaining term, would require 24 monthly payments of £1056.85 and 300 monthly payments of £1624.58.

The total amount payable would be £719,433.23 made up of the loan amount plus interest (£512,773.23) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 9.2% APRC representative.

Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please contact us for details.

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 697

 


 

Variable rate mortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
25% 2 years 6.14% 9.49%
after 2 years
9.2% APRC 75.0% £0.00 £0.00

Variable rate remortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
25% 2 years 6.14% 9.49%
after 2 years
9.2% APRC 75.0% £0.00 £0.00

Fixed rate mortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
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Lending Criteria Description
LocationAreas associated with a demand for Holiday Let properties
Rental
Assessment
Purchase

Average of low, medium & high season weekly rates x 30 - Evidenced by Letting Agent Confirmation

Remortgage

Based on 100% of actual rental receipts over the last 12 months, evidenced by Letting Agent confirmation and/or bank statements

Where less than 12 months rental history based on purchase assessment

 RestrictionsNot available for properties on holiday parks or which have restrictive usage covenants such as a holiday let covenant. 
 MarketingProperty can be marketed for rent through AirBnB type platforms.


Please note: Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage. Terms and conditions apply. Mortgages are subject to underwriting and criteria. Please contact us for full details.

Give us a call

0800 378 669