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More mortgage options for holiday let borrowers

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06/09/2021
Mortgage options for borrowers considering holiday lets have more than doubled in the last year amid a rise in the number of people ‘staycationing’.

There are now 186 options available compared to 74 in August 2020, according to data from Moneyfacts.

In addition, more lenders have entered the market. There are now 25 different brands versus 14 in August 2020, the majority of which are building societies.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It’s positive to see a rise in holiday let product choice for landlords over the past few months, but the market is still relatively niche as there are less than 200 deals available.

“As the demand for staycations remains evident, it would not be too surprising to see more growth in this market in the months to come.”

She added: “Whether the appetite for staycations falls into 2022 is unknown but for the moment it’s evident landlords are taking advantage of the opportunity to earn an income through holiday lets.

“Those who may have saved some additional disposable income during the UK lockdown, or are looking for alternative investment opportunities, may then be keen to get involved. Undertaking thorough research into popular locations, weighing up tax benefits, reading up on rules regarding residency periods and other potential expenses outside of utility bills can feel daunting, so seeking advice before entering an arrangement is wise.”

 

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