A new mortgage product aimed at buy to let investors wanting to enjoy a slice of the holiday home staycation market has been launched by the Yorkshire Building Society.
The product is focussed on borrowers with properties targeting tourists to the South Coast, South West, Wales and the Lake District – key tourism hotspots.
It offers a five year fixed rate at 3.85 per cent for up to 75 per cent loan to value with a maximum loan of £1m.
“We know the UK tourism industry has been badly affected by the coronavirus pandemic and subsequent lockdown, but as restrictions ease, staycations are soaring in popularity” explains Allan Griffiths, YBS commercial mortgages regional director.
“We hope that the launch of our new targeted product for this sector specific need will help to support the tourist industry in these areas.
“Our flexible, personal service model allows us to tailor loans to suit the individual needs of our borrowers. My team and I are looking forward to supporting borrowers with specific plans to invest in properties specifically for holiday letting.”
This post has originally been featured in Letting Agent Today.