Teachers for Intermediaries, part of Teachers Building Society, has launched two fixed rate holiday let mortgage products.
They are priced at 3.49% to June 2023 and 3.74% to July 2025, both to 75% loan-to-value.
The lender said the products are aimed at supporting demand from new and existing property investors looking to capitalise on growth in the UK holiday-let market.
Ralph Punter, business development manager at Teachers for Intermediaries, said: “As our own research has shown, consumer demand for UK based holidays has increased as a direct result of the pandemic, a trend we expect to continue into next year too.
“Combined with the recently announced stamp duty holiday, we expect to see increased interest in the holiday let market from investors.
“Our new mortgage products will support those looking to purchase holiday-let homes for short term rental purposes.”
Teachers found that three in five (59%) Brits are planning a UK staycation this year.
Comparing holiday plans pre and post pandemic, the research revealed that an additional 35% of Brits were now considering a UK based holiday due to Covid-19.
This post has originally been featured in Property Wire.