The full property must be used as a holiday let, therefore properties where individual rooms or sections of the property are let, will not be accepted.

The Society can accept holiday lets on both a purchase and remortgage basis.

Existing BTL assessment rules apply, therefore applications may be assessed on either an ICR or full affordability basis depending on the scenario of the borrower. Borrowers are allowed to use the property for personal use when not rented, the standard BTL condition that denies this should be removed from the offer.

For valuation purposes, the valuer will confirm there is a sustainable market, on the assumption of a 6-12 month AST basis (this is to provide confidence on re-saleability). The valuer will also confirm that there are no onerous restrictions or covenants affecting the usage of the property, e.g. no holiday parks or restricted usage periods.