Marsden Building Society has unveiled three new fee-free furnished holiday let (FHL) mortgages, with rates starting from 5.35%.
These mortgages are targeted at both first-time and experienced landlords wishing to rent out their furnished properties on a short-term basis. The Society also permits 90 days of personal use of the FHL property per year.
The new mortgages come with no booking or arrangement fees on loans under £750,000 and are available as either interest-only or repayment, with a loan to value (LTV) of up to 60% or 75% depending on the product.
To be eligible for a Marsden FHL mortgage, borrowers must have a minimum income of £25,000, and the minimum loan amount is £30,000. Additionally, the property being mortgaged must have a minimum value of £125,000 and be situated in England or Wales.
The Marsden offers free valuations on its FHL range, for properties up to £500,000, as well as fee-assisted legal services for FHL remortgage cases.
In addition, there is no personal affordability assessment and the mutual will consider 30 weeks’ rental income, using an average of low, medium and high seasons.
Donna Barclay, head of lending at Marsden Building Society, said: “Being a mutual organisation, we prioritise close collaboration with our broker network to continually address the evolving needs of our customers.
“With the launch of our new furnished holiday let products, our goal is to provide mortgage advisors and their clients with a wider range of competitive borrowing options, thereby meeting the specific and dynamic needs of the market.”
