Important for Holiday Lets in Scotland. Please note that the Society is currently unable to accept purchase applications for Holiday Let properties in Scotland. Remortgage applications can be taken but a copy of the Short Term Letting Licence needs to be provided at application (prior to offer) as part of our supporting document requirements.

• Maximum LTV 75%.
• Interest-only or repayment basis considered.
• The applicants must own their own home.
• Rent received must be at least 125% of the monthly mortgage payment at the initial product pay rate, using a holiday let rental assessment.
• Total applicants’ earned income should be at least £30,000.
• Applications are underwritten on a “full status” basis.
• Affordability fully assessed using net earned income plus 50% of actual /anticipated gross rent (either actual amount received or anticipated rent as advised by a specialised Holiday-Let agent) less all personal outgoings and the proposed new mortgage payment including an allowance for rate rises.
• Maximum of 4 Holiday-Let mortgages per borrower.
• Where the applicant also holds Buy-to-Let properties, the maximum permitted exposure with the Society will be £750,000 and 5 properties and in total 10 properties and £2m (including any exposure with the Society).
• 3 months satisfactory bank statements to be provided.
• A satisfactory statement of Assets & Liabilities to be provided.
• Available mainland UK including Scotland and the Isle of Skye.
• Minimum valuation £125,000.
• Minimum advance £50,000.
• No occupancy restrictions to apply to the security property, no holiday parks or developments. Maximum 2 acres of and 6 bedrooms.
• Applicants can have up to 90 days personal use each year.
• Must have a minimum EPC rating of ‘E’

Still got questions?  Contact your BDM - or view our full criteria.

Within our Holiday-Let mortgage criteria, we welcome applications where the owners intend to use Airbnb to let their properties as part of our flexible approach.

You’ll need to let us know whether the property is intended to be let as an Airbnb, ideally ahead of submitting the application. This helps avoid delays with the mortgage application.

We’d always recommend you speak with your local BDM about our mortgage options as a first step, as this can help make the application process much quicker and smoother.