Principality Building Society is increasing its buy-to-let and holiday let loan sizes.
The Welsh lender now lends up to £750,000 at 60% loan-to-value, and 75% loan-to-value on loans up to £500,000, while increasing the acceptable maximum age of applicants from 75 to 85 years old. Holiday let customers will also now be permitted to borrow on two properties rather one.
Emma Graham, National Account Manager at Principality Building Society, said:
“The enhancement to our criteria will allow us to continue to support clients who invest in property. We have also decided to lend on a second holiday let, which means we are offering an opportunity for clients to extend and strengthen their investment portfolios.
“With signs that more people are enjoying staycations, there is a growing need for suitable holiday properties across the UK, and our improvements reaffirm our commitment to supporting UK landlords.”
Mark Lanario, Holiday Let Specialist at Enhanced Wealth Ltd, said:
“These latest lending criteria changes have confirmed Principality’s long-term commitment to the holiday let market. With an online submission system and intermediary support team that is second to none, Principality’s latest criteria changes make it the “go to lender” for holiday let mortgages.”