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Loughborough Building Society Re-launches Second/Holiday Home Product

Loughborough Building Society is pleased to announce its re-launch of their Second/Holiday Home product.  The Loughborough offers a mortgage, where affordability allows, on a second property used by the borrower and their immediate family members.

Many people dream of having a weekend/holiday retreat where they can get away from the hustle and bustle of everyday life. Or they need a practical solution to aid working in one location whilst their family are established in another part of the country.  For these people, it’s sometimes difficult to find a mortgage for that second home. This is where we hope we have the answer.

At the Loughborough, it’s possible to borrow up to 80% of the second home value or purchase price (whichever is the lower) providing the property is in England or Wales, is for residential use and not rented out.

The new product is a 3 year variable discounted rate at 2.79% with a £499 completion fee.

Ashley Pearson, BDM says “With  so many people working from home at the moment, it’s good to be able to have a change of scenery, so I’m pleased to offer a solution for borrowers who would like to have somewhere to go and relax at weekends and holidays.  Of course, with people more reluctant to travel by public transport, and the job market remaining challenging, it’s also a solution for those who need to live away during the week without having to make a long daily commute or uproot their family”.