Are you thinking of becoming a landlord or perhaps expanding your portfolio? Marsden Building Society has just launched three new mortgages specifically designed for furnished holiday lets (FHL). These mortgages offer some perks that could make them a great option for your investment needs.

These new mortgages come with no booking or arrangement fees for loans under £750,000 and are available as either interest-only or repayment, with an LTV of up to 60% or 75% depending on the product.

The best part? The rates start at 5.35%!

Who Can Apply?

These mortgages are perfect for both first-time and experienced landlords. Marsden allows 90 days of personal use of the property each year, so you can enjoy your own holiday home too.

You’ll need a minimum income of £25,000 and the minimum loan amount is £30,000. The property must have a minimum value of £125,000 and be situated in England or Wales.

What About the Fine Print?

Marsden offers free valuations for properties up to £500,000 and will consider 30 weeks’ rental income, using an average of low, medium and high seasons. This is a great benefit as it allows for a more accurate assessment of your potential rental income.

You will need to factor in the following:

• No personal affordability assessment: This means your overall financial situation, apart from your rental income, won’t be taken into consideration.
• Fee-assisted legal services: While this is a benefit, you will still need to factor in some legal costs.

What Does Marsden Say?

Donna Barclay, head of lending at Marsden Building Society, said: “Being a mutual organisation, we prioritise close collaboration with our broker network to continually address the evolving needs of our customers. With the launch of our new furnished holiday let products, our goal is to provide mortgage advisors and their clients with a wider range of competitive borrowing options, thereby meeting the specific and dynamic needs of the market.”

The Bottom Line

These new FHL mortgages from Marsden offer a great opportunity for landlords. With competitive rates, flexible repayment options, and no arrangement fees, they could be exactly what you’re looking for to secure your next property investment.

Remember to speak to a financial advisor to see if these mortgages are right for your specific circumstances.