The Nottingham has expanded its mortgage offering with the introduction of holiday lets lending.
It has responded to the demand for staycations by unveiling a range of products designed to help those looking to invest in a holiday rental.
The building society’s criteria includes lending on up to two holiday lets (in England or Wales), with no minimum personal income requirement.
It will also take into consideration up to 32 weeks’ rental yield and allow the owner to utilise the holiday let for personal use for up to 60 days each year.
The Nottingham’s new products (all available up to 75% LTV) are as follows:
- Two-year fixed with £999 fee (£0 upfront), 3.55%
- Five-year fixed with £999 fee (£0 upfront), 3.82%
- Two-year discount with no ERCs and £999 fee (£0 upfront), 3.25%
Christie Cook (pictured), the Nottingham’s head of mortgage product, said: “As we head into summer hopefully our competitively priced range of holiday let products, aligned with our lending criteria, will bring some sunshine to brokers and their customers.
“The challenges and restrictions brought about by the pandemic led many to rethink certain aspects of their lives including how, and where, they take their holidays – with a well-publicised surge in the number of staycations.
“That in turn has created a potential investment and income opportunity for those looking to purchase a holiday rental, so we are excited to be lending in this space.”