Cambridge & Counties Bank has launched a new holiday let mortgage product.
The offering is available up to 70% LTV and has no minimum earned income required, although resilience to loan repayments must be demonstrated.
Each customer can borrow up to £15m and there’s no restriction on property numbers, with the product only being available for unregulated loans.
For residential, terms are available from 12 months to 30 years, while for commercial, they’re available for 12 months to 25 years.
Both are dependent on the repayment type.
According to the latest research from Cambridge & Counties, 72% of UK nationals expect to see an increase in holidaymakers taking domestic holidays in 2020, with only 5% stating that they themselves would go on less UK holidays next year.
Other highlights from the research included:
- 67% of respondents cited the drop in the value of the pound due to Brexit as the main reason for the increase in domestic holidays
- other key reasons were a rise in the underlying cost of overseas travel (51%) and a rise in barriers to international travel, such as stricter visa requirements or tougher border controls (50%)
- 22% said that UK destinations were improving in terms of quality and choice compared with non-UK locations, and this was driving stronger demand for UK holiday lettings properties
- Cornwall topped the list of UK destinations that respondents thought would see the greatest rise in UK staycations over the next three years (cited by 51%)
- The Lake District (43%) and Devon (41%) were second and third respectively
Simon Lindley, chief development officer at Cambridge & Counties Bank (pictured above), said: “The UK is expected to see a rise in demand for ‘staycations’ over 2020 and beyond.
“We are seeing increasing demand for our very competitive, dedicated loans focused on serving the needs of property investors looking to buy and develop UK holiday lettings properties and expect this demand to increase significantly as the UK becomes an increasingly attractive holiday location for UK and foreign holidaymakers.”
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