Holiday Let Case Study
By Penrith Building Society
Situated on the edge of the picturesque Lake District, Penrith Building Society has a long tradition of providing holiday let mortgages all over the UK and can offer solutions to the most complex clients.
We pride ourselves in assisting clients who are often underserved by the rest of the market. All our cases are manually underwritten which allows us to take a holistic view. Mr C and Mrs H recently benefited from this ‘common sense’ approach to buy their first holiday let.
Mr C and Mrs H live and work in Saudi Arabia where they rent their current home. They wanted to buy a Holiday Let in the UK. As non-owner occupiers, non-UK residents, non-UK taxpayers who have never previously let a property they found many lenders were unwilling to entertain their application. This was despite having a 50% deposit, a very healthy earned income and strong projected rental income. Further to this, they wanted to buy a new build property which had no track record of being let as a holiday rental.
The Society’s Business Development Manager worked closely with the clients’ mortgage broker to understand their circumstances and property specifics and the case was subsequently approved with no issues or complications.
If your client is interested in a holiday let and is a first-time buyer, first-time landlord, expat, or buying an unusual property then consider Penrith Building Society for your next holiday let application.