UK holiday lets – an ongoing opportunity for brokers
So summer ended at the end of September with record-breaking temperatures here in the UK.
During that hot spell, I was ironically able to buy a ‘selection box’ in my local supermarket. It’s official, Christmas is on its way! It got me thinking about getting away over the festive period.
The summer months may be peak season, but Christmas is another popular time to holiday, particularly for the short-term holiday let sector.
Staycations remain popular
According to research from Sykes Holiday Cottages, 84% of owners say bookings are stronger than ever, and expect this to continue over the next five years.
It’s no surprise then that demand for UK holiday let mortgages remains strong as investors look to cash in. As a specialist lender with many years of experience, we’ve never been so busy!
Sourcing the right holiday let mortgage
As well as competitive mortgage rates, we offer some nice features for borrowers.
We allow owners to use the property for their own purposes for up to 90 days a year, which is particularly popular with our customers.
Unlike many other lenders, we don’t have as many restrictions regarding location. We recognise that city centres and historical destinations are also good holiday let locations so we will lend on properties found in less traditional holiday areas.
We also recognise that those looking to invest in a holiday let property often have a complex financial profile with multiple income streams. Harpenden has the expertise and experience to manage complex cases delivering specialist solutions many other lenders can’t service.
Every policy is underwritten manually by an expert, which enables a flexible approach. We consider many forms of complex income, including pensions, trust income, maintenance and investment as well as standard employed and self-employed income.
Harpenden Building Society holiday let mortgages – key features at a glance:
• 90 days personal usage allowance per annum
• Airbnb considered
• We lend in town and city centres as well as coastal areas
• We lend on properties above commercial units
• Top slicing
• Minimum income of £30,000 required
• Up to 3 properties on one title considered
• 75% LTV available on IO and 80% available on repayment
Whether it’s the holiday lets category, or lending in another area of specialist lending, the Harpenden team is always pleased to speak with mortgage brokers about their current lending requirements.
Chelsea Pordage is telephone business development manager at Harpenden Building Society