Scarboro Building Society Has New Loans For Holiday Btls

[Realistbear]

http://investing.reuters.co.uk/news/newsAr...LET-HOLIDAY.xml

LONDON (Citywire) - A new mortgage from Scarborough Building Society allows buyers of holiday homes to borrow with the maximum loan based on the

expected income

from holiday rentals, rather than the borrower's earnings.

Buy-to-let lenders are usually prepared to take rental income into account when calculating the maximum borrowing, but almost without exception,

lenders have been very wary of taking holiday rental income into account.

This new product is likely to prove very popular with buyers of second homes who intend to rent out the property for short holiday rentals to help cover mortgage costs and has been launched as a result of research amongst brokers as to

what borrowers want

.

With the economy headed toward recession as high street sales continue to tank the last thing an investor needs is a speculative holiday home bought at the wrong side of the top of the market. The desperate VIs need to issue health warnings to any sheeple that go for this offer!