With the Covid-19 pandemic causing many to rethink their holiday plans, the Leeds Building Society is reintroducing its range of holiday let mortgages.
The mutual is launching the following holiday let two year fixed rate deals on Thursday, 16 July:
- 2.84% fixed until 30 September 2022 up to 60% LTV
- 3.34% fixed until 30 September 2022 up to 70% LTV
Both products come with a free standard valuation, fees assisted legal services, and no product fee.
Matt Bartle, the Leeds Building Society’s director of products, said: “In these uncertain times, we believe many will choose to holiday in the UK this summer and take advantage of our seaside towns and stunning countryside.
“That could well be a trend that continues so we can expect to see more interest in holiday lets in some of the UK’s sought-after locations. We were the first lender to launch a range of dedicated holiday let mortgages back in 2013 and our research has shown traditional locations such as the South West, Yorkshire and the Lake District remain popular with holidaymakers, with many favouring a coastal break.
“The recent government announcement on stamp duty is likely to encourage more interest in the buy-to-let market, including holiday lets.
“High demand means high returns but it’s important for landlords to remember performance can be seasonal and affected by the weather.
“Buying a holiday let, like any other property investment, does carry risk but enables an investor to diversify their portfolio risk by letting weekly to a range of occupiers, rather than relying on one individual to pay rent every month.”