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The Melton has launched a new 2 Year Discounted Holiday Buy to Let product:
“The impact of Covid restrictions on foreign travel has shone a light on domestic holidays and given a boost to the holiday buy to let market,” says Dan Atkinson, Head of Intermediaries, the Melton. “We have listened carefully to broker feedback and launched a 2 year discount term to replace our existing 5 year product, which includes flexible criteria to make holiday buy to let accessible to a wide range of customers.”
The Melton’s Holiday Buy to Let has a lower interest coverage ratio calculation than the standard product range at 130% of the mortgage payment, calculated at a stressed rate of 5.5%. There’s no upper age limit and the Society will accept first time buyers, first time landlords and non-owner occupiers, with a minimum income requirement of £25,000 which can be shared between joint applicants.
The Society also offers business, regulated family and consumer buy to let products up to 75% LTV.
The Society’s broker website features a buy to let hub which includes lots of useful information about the Melton’s holiday buy to let proposition and lending criteria, together with a handy buy to let calculator which enables brokers to calculate the maximum loan amount a customer may be eligible for, or to determine the rental income required based on the requested loan amount. The hub also includes all the documents and information brokers need to submit their applications to the Melton.