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Holiday let only mortgage range introduced

A new dedicated range of holiday let mortgage products has been launched by Leeds Building Society to support demand in the UK, which it says has increased significantly over the last five years. The two-year fixed rate comes in at 3.40%, the three-year at 3.99% and the five year fix at 4.29%, all at 70% LTV. Kim Rebecchi, Leeds sales and marketing director, said: “Leeds has introduced a dedicated range of holiday let mortgages, priced alongside our buy-to-let range, to offer greater access to this type of lending and we believe this will create more opportunity and capacity.” The products come with no higher lending charge, a £199 booking fee, an £800 completion fee and a restriction of 10% in capital repayments allowed each year without penalty. Lending criteria includes a minimum income of £40,000, 130% minimum rental income, a maximum value of £250,000 and a maximum portfolio size of three holiday lets. Leeds says that between 2008 and 2011, the use of UK Holiday Cottages doubled and it continues to rise. It cites research from Travelodge which found that two thirds of Britons will take a summer break in the UK this year, which is an increase of 41% compared to 2012.

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