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The Swansea Building Society has joined forces with TBMC’s mortgage panel to offer buy to let and holiday let investment products.
The building society and buy to let specialist have joined to launch products available to landlords who are acquiring or remortgaging buy to let or holiday let properties in Wales and the Welsh borders.
Borrowers who seek to use the products will be entitled to up to four applicants on their mortgage application. Income generated through AirBnB will be deemed acceptable to access the offerings.
It is hoped that by joining together, Swansea Building Society and TBMC will be able to offer products that fulfil the requirements of a more niche area of the market, specifically holiday lets in Wales. Catering for AirBnB is an unusual move but is likely to be popular amongst landlords hoping to diversify.
Chief executive of Swansea Building Society, Alun Williams, spoke out about the range: ‘We are really pleased to be linking up with TBMC and to be able to offer a range of mortgage products to TBMC’s adviser network. We are confident that Swansea Building Society will be a positive addition to the TBMC mortgage panel and that our common-sense approach to mortgage lending will be a welcomed change in a market where too often the computer says no.’
Jane Simpson, managing director of TBMC, added: ‘TBMC is delighted to be working with Swansea Building Society which offers an interesting range of mortgages for buy to let properties. They will be a welcome addition to our panel and may fill certain niche areas of the market including holiday lets in Wales. We have seen a growing interest in lenders who will consider Airbnb so this could also be beneficial to some landlords. TBMC is a buy to let mortgage specialist and our expertise in this sector will enable us to present high quality applications and work successfully with Swansea Building Society to develop its buy to let proposition.’