Swansea BS lowers rates on buy-to-let and holiday let mortgages

Swansea Building Society has cut rates across its buy-to-let and holiday let mortgage ranges. 

Products now start from 4.25% to 3.55% variable up to 60% loan-to-value (LTV) and from 4.75% to 3.95% variable up to 70% LTV.

In addition, the Society has changed the calculation used to stress test the mortgage payment to reflect the tax status of the main applicant.

Income from rentals on Airbnb and projected income will both be considered, along with unusual properties on both buy-to-let and holiday let cases.

Alun Williams, chief executive of Swansea Building Society, commented: “We are proud that we have remained open for both our savings and mortgage customers through the crisis, supporting our members in every way we can.

"As lockdown now eases, we are seeing an uptake in enquiry levels especially around the more specialist mortgage areas such as holiday let and self-build and we are delighted to be able to lower our rates on buy-to-let and holiday let mortgages in particular.”

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