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th June 2021 12:05 pm
The Cumberland Building Society has cut rates on loans over £750,000 across its holiday let range, amid growing investor interest in this market.
The mutual offers two tiers of pricing in this area, standard and non-standard, depending on the complexity of the case.
It sells two-year variable and five-year fixed rate products.
The lender says its cheapest rate is now a two-year variable product with an initial interest rate of 3.74%. This comes with a £999 fee for loans up to £750,000 and a £1,999 fee for loans between £750,000 and £2m.
The Cumberland head of commercial lending Scott McKerracher says: “We have simplified our pricing structure, with rates for loans above £750,000 reduced to match those for lower loan sizes.
The Cumberland Building Society has reduced its rates for loans over £750,000 across its full holiday let product range.
The building society will lend up to £2m on an individual transaction and up to £5m aggregate borrowing across a portfolio of properties.
Scott McKerracher, head of commercial lending at The Cumberland, said: “We have simplified our pricing structure, with rates for loans above £750,000 reduced to match those for lower loan sizes.
“With the staycation market anticipated to boom this year (and beyond), investors are showing a growing interest in holiday let property.
“We’re seeing that reflected in our holiday let mortgage enquiry figures – with high volumes of appointments being booked through our website, combined with a steady growth in broker enquiries since the start of the year.
Your first three months of rent will be free. This prime retail premises formally a restaurant/takeaway in the centre of Whitehaven is the ideal investment with great football. This property has A3 consent, for the sale of food and drink for consumption on the premises covering restaurants, snacks bars and cafe. The property compromises of a mid-terraced shop which currently trades from the ground floor, but with potential to create access and develop upper floors, which has been unused for many years - subject to planning. It is being marketed by Grisdales Estates Agents who can be contacted on 01946 445007.