"With the recent boom in the staycation market, it’s of no surprise to see increased queries on holiday lets as people see their investment potential, especially in the run up to the festive season."
Primis saw an uptick in the number of queries relating to holiday lets in September as interest rates on cash savings accounts fell to record lows and savers consider alternative ways to invest.
Buy-to-let products for first-time buyers and landlords with minimum income was the second most queried criteria, followed by products for borrowers with adverse credit.
The product desk has also seen an increase in the number of queries on mortgages for day rate or agency workers who have recently gone self-employed. This is a result of a number of lenders softening the criteria for freelancers, with several lenders now accepting borrowers who have used the Self-Employed Income Support Scheme (SEISS).
Vikki Jefferies, proposition director at Primis, commented: “Today’s results reflect the market’s ongoing recovery and buoyancy. With the recent boom in the staycation market, it’s of no surprise to see increased queries on holiday lets as people see their investment potential, especially in the run up to the festive season.
“The low rates and updated criteria from many lenders in the buy-to-let market also explain the rise in queries on these products, especially those tailored towards complex first-time landlords. However, with a potential rate rise looming, it will be interesting to see how queries evolve over the coming weeks, especially as more borrowers might look to fix into lower rates for longer.
“It’s also especially promising to see high levels of queries on adverse credit and self-employed mortgages, suggesting that many borrowers who may have struggled during the pandemic are now able to access affordable products.
“However, with Government schemes such as Help to Buy winding down, there are still some challenges to overcome within the market. As such, we will continue to invest in our broker relationships, providing 24-hour support through our Product Desk and Virtual Experts page to assist brokers with whatever they need.”
