Paradigm Mortgage Services has added the Cumberland Building Society to its lender panel, opening access for member firms to the society’s specialist holiday let mortgage range.
The Cumberland, which has more than 25 years’ experience in the sector, will make its proposition available through Paradigm’s network, including support via its Intermediary Hub.
The resource offers industry insights, case studies, team Q&As and service updates for mortgage intermediaries.
The lender’s holiday let products are available up to 75% LTV on properties of traditional construction across Scotland, England and Wales – including the Isles of Wight, Anglesey, Arran, Mull, Skye, Harris and Lewis. They are open to both first-time investors and portfolio landlords, with manual underwriting on all cases to accommodate more complex or non-standard scenarios, such as split-title properties, multiple letting units, limited company borrowing and inter-company deposit loans.
Finance can also be provided for non-structural improvements aimed at boosting rental appeal, from pet-friendly adaptations and eco-features to hot tubs and luxury finishes.
The Cumberland’s intermediary service includes a dedicated relationship manager, single-point contact, solicitor panel search tool, and a suite of application and packaging forms.
Richard Howes, director of mortgages at Paradigm, said the partnership comes at a time when the holiday let market is thriving. “In an environment where around a third of UK adults now use holiday rentals, and bookings and revenue continue to grow, their specialist offering positions intermediaries and their clients to capitalise on a thriving and resilient sector.
“The Cumberland’s manual underwriting, tailored criteria and strong intermediary ecosystem will ensure Paradigm member firms can confidently place cases that others might struggle to assess,” he said.
Grant Seaton, head of intermediary lending at the Cumberland, said joining Paradigm marked a significant milestone for the society. “As part of our continued growth, we are delighted to announce our partnership with our first mortgage club, Paradigm.
“This collaboration represents another milestone in our commitment to improve the intermediary experience for the brokers we work with.
“At The Cumberland you’ll hear us refer to kinder banking. It’s something that permeates into everything we do around holiday let lending and is especially relevant as we endeavour to make our brokers’ lives easier.
“Our real people approach is very much part of this. You’ll find it in the support of our knowledgeable team, throughout our fully relationship-managed service, and during our manual underwriting process.”
