We've expanded our Holiday Let product criteria, putting us in reach of more of your clients
We’ve made some key changes to our Holiday Let criteria that will provide improved affordability assessments to your holiday letting clients. Enabling you to offer our Holiday Let products to even more people.
Rental income will now be assessed using an average of the High/Medium/Low rent over a 30-week period, a significant increase from the 24-week period used previously. This will improve affordability for your Holiday Let clients, increasing the amount we could lend by around £50,000 based off an average rental income of £640 p/w.
Use of all letting agents
We now allow the use of all letting agents for rental income valuations – no longer just those on a specified list. This removes another potential hurdle in allowing your clients to do business with us.
Martese Carton, Director of Intermediary Distribution, said: “Holiday lets are generally properties that require occupancy for at least half of the year, providing essential income to areas that often rely on tourism. Many of these are in purpose-built holiday villages which prohibit owners from living at the property. Improving our Holiday Let criteria will increase our product reach and provide opportunities for investors to enter a buoyant UK holiday market, ultimately supporting our brokers so they can offer the best solutions for their clients.”
View our Holiday Let products here.
See the latest LBS Criteria Guide for the updated worked example here.
THIS INFORMATION IS FOR USE BY FCA AUTHORISED INTERMEDIARIES ONLY AND MUST NOT BE DISTRIBUTED TO POTENTIAL BORROWERS