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The Scottish Government has introduced a licensing regime for short-term lets in Scotland. This will mean that local authorities will have established schemes for short-term letting licensing. You can find out more about the change in legislation on the following websites:
You could commit a criminal offence if you do not comply, so it is important to seek legal advice to check whether the legislation affects you or your property.
We recommend we get in touch with us to discuss your options, please click here.
To help us assess each application we may ask for some or all of the following:
The next step will be to fill in the application form. Once the mortgage application form has been completed and assessed, we will ask you to pay the mortgage valuation fee (if applicable) so that we can send a professional valuer to report on the property to make sure we can lend what you need.
Subject to your property meeting requirements to let on a short-term basis, we can consider properties let on Airbnb or similar sites.
There are various laws and regulations in the UK that may determine whether you are able to offer your property for short term let. We suggest that you look into government guidance on this topic, and you can find out more about what qualifies as a holiday let here.
However, the best thing to do is contact us, to do this you will have to fill in a quick eligibility form to be directed to the right place.
Yes - in some circumstances and depending on the wording of the restriction. Occupancy restricted properties qualify for our Specialist products and valuations are carried out by a commercial valuer due to the fact the property cannot be used as a main residence.
Fees will vary depending on the mortgage you take, but you could expect to pay:
More information can be found on our mortgage fees and charges page.
We calculate interest on a ‘daily interest’ basis and charge the interest to your account each month. If you borrow extra, interest will be charged from the day the additional borrowing starts. Any items such as charges, fees, mortgage interest and insurance premiums (if applicable), which are not paid by the last day of the month in which they are due, will result in additional interest being charged until the payment is made.
There are two ways of repaying your loan – repayment and interest only. We will give you details of the different repayment methods and repayment periods that are available.
Repayment (Capital and Interest)
This type of holiday-let mortgage involves repayment of the loan gradually over an agreed period. Each monthly payment you make consists of two parts, interest on the loan and repayment of part of the capital of the loan. Most of your monthly payment in the first few years simply covers the interest with only a small amount going towards repayment of the capital. The repayment part of your monthly payment will, however, increase as the mortgage term and the amount of the loan reduces. Provided you keep up your monthly payments the loan will be repaid at the end of the agreed mortgage period.
Interest Only
With an interest-only holiday-let mortgage you make a monthly payment to us to cover the interest on the loan. Providing you keep up your monthly payments, the loan amount will remain the same and the interest is payable on the total amount of the loan for the whole of the mortgage period. To repay an interest-only mortgage you will need to ensure you have a suitable repayment strategy to pay off the mortgage at the end of the agreed term. For holiday-let mortgages the repayment strategy is assumed to be ‘the Sale of the Mortgaged Property’.
As a condition of any mortgage you will need to ensure that the property is adequately insured (e.g. buildings insurance).
You can pay by Direct Debit from your bank account, or, internal transfer from your Cumberland account.
Yes, we send you an annual statement every April which summarises the activity on your mortgage over the last financial year.
We appreciate that your circumstances may have changed or may change at some time in the future and you may experience temporary financial difficulties.
We will consider cases of financial difficulty and mortgage arrears sympathetically. Our first step will be to try to contact you to discuss the matter. It is important that if you find yourself in financial difficulties then you let us know as soon as possible. We will do all we can to help you to overcome your difficulties. The sooner we discuss your problems, the easier it will be for both of us to find a solution. The more you tell us about your full financial circumstances, the more we may be able to help.
If you are in difficulties you can also get help and advice from debt counselling organisations. At your request and with your consent we will liaise, wherever possible, with those debt counselling organisations we recognise.
For personal debts:
For Business Debts:
For more information please see our financial difficulties page.
Overpayments
An overpayment is any amount you pay towards your mortgage, in addition to your contractual monthly payment. This does not include additional payments made to clear arrears on your account.
Whilst you can make overpayments to your mortgage account at any time it is important to note that there may be an early repayment charge unless these overpayments are within the yearly limit documented in your ‘Offer of Loan’. If, during the term of your loan, you make an additional lump sum we can calculate a reduced monthly payment for you. However, you must tell us when making the payment.
Paying off my mortgage early
You can pay off your mortgage early, however, you may also have to pay an early repayment charge. Details are shown in the illustration and the offer of loan.
In addition, there will be a fee for the administration work involved when you finally repay your mortgage. A list of current fees is given in our Tariff of Mortgages Charges.
Use our online form to ask a question or send a general enquiry.
We offer holiday let mortgages across mainland UK and selected islands.
Complete our eligibility form and schedule a call with our team to discuss your Holiday Let mortgage.