Staycation boom leads to wider choice of holiday let mortgages
There are now 186 options, which is more than double the 74 deals available in August 2020, according to Moneyfacts.co.uk.
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Your support makes all the difference.The range of mortgages for holiday let investors has widened significantly as demand for breaks in the UK has boomed.
There are now 186 options – more than double the 74 deals available in August 2020 – financial information website Moneyfacts co.uk said.
With more lenders having entered the market, there are now 25 different brands offering holiday let mortgage options, compared with 14 in August 2020.
The majority are building societies, Moneyfacts added.
It's evident landlords are taking advantage of the opportunity to earn an income through holiday lets
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.”
Ms Springall 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.”