The Primis mortgage network, owned by estate agency-led company LSL Property Services, says it’s seen a surge of enquiries regarding holiday let mortgages.
A statement from LSL says PRIMIS’s product desk saw an uptick in the number of queries relating to holiday lets in September.
It says that interest rates on cash savings accounts fell to record lows during 2021 and whilst some are starting to recover, savers have been considering alternative ways to invest.
The UK staycation industry has thrived since the pandemic, and many see holiday lets as an enticing investment opportunity due to increased short term rental demand.
Vikki Jefferies, Proposition Director at PRIMIS, comments: “With the recent boom in the staycation market, it’s of no surprise to see increased queries on holiday lets as people see their investment potential, especially in the run up to the festive season.
“The low rates and updated criteria from many lenders in the buy to let market also explain the rise in queries on these products, especially those tailored towards complex first-time landlords. However, with a potential rate rise looming, it will be interesting to see how queries evolve over the coming weeks, especially as more borrowers might look to fix into lower rates for longer.”
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