The Leeds Building Society has launched new holiday let products, following an increase in demand for its products.
The mutual experienced its biggest-ever month for holiday let purchase applications last September.
In support of anticipated growing demand, the Society has expanded its range of holiday let products, adding two five-year fixed rate products with no product fee:
- A 3.69% five year fixed rate product available up to 60% LTV (loan to value); and
- A 4.29% five year fixed rate product available up to 70% LTV
Each comes with a free standard valuation. An additional incentive of fees assisted legal services is included for remortgages.
The Society can consider properties where there is a proven track record of short-stay letting or where an independent surveyor confirms there is a market for holiday let properties.
Matt Bartle (pictured), director of products at the Leeds Building Society, said: “Holiday lets are a popular choice for our Buy to Let borrowers with the potential for higher yield returns.
“Ongoing pandemic-related uncertainty around international travel adds to the likelihood that more Britons will holiday in the UK this year.
“Therefore a suitable property in a prime tourist area may offer an opportunity for buy-to-let landlords to diversify their portfolio with a short let holiday property.
“We’ve expanded our holiday let range to offer more choice to borrowers, who may wish to take advantage of this under-served part of the mortgage market.”