Buckinghamshire Building Society has reduced the rate of its 2-year fixed rate holiday let product to 5.99%.
The product is available for both purchase and remortgage cases for properties across England and Wales.
Key features include a maximum loan-to-value (LTV) of 75%, loans from £50,000-£750,000 and the ability to apply as either an individual or a limited company.
Properties located on holiday parks/complexes, B&B, Airbnb, flats, leasehold properties and properties that have an occupancy restriction are not acceptable.
Claire Askham (pictured), head of mortgage sales, said: “Although holiday let products might make you think exclusively of a hot Cornwall beach in the middle of summer, we’ve actually seen a high level of enquiries for this type of mortgage throughout November and the beginning of December.
“The demand for UK based holiday lets has risen dramatically over the last few years following Brexit and the Covid pandemic, making ‘staycations’ more popular than ever.
“These factors, combined with diminishing returns on tradition buy-to-let properties due to changes in taxation and increased regulation, has resulted in investors diversifying their portfolios and looking at areas such as holiday letting more favorably.”
