YBS Commercial Mortgages has launched a limited company buy-to-let product which is targeted for holiday letting properties in prime UK tourist locations on the South Coast, in the South West and Wales. The product offers a 5-year fixed rate at 3.85% for loans up to 75% loan-to-value (LTV) and a maximum loan amount of £1m.
Allan Griffiths, regional director at YBS Commercial Mortgages, said: “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.
“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 product comes as holiday homes have been a growing sector of the UK economy, with British residents spending £19.4bn on overnight trips in England in 2019 according to Visit Britain.
This post has originally been featured in Property Wire.