"We’re seeing the staycation market continue to grow, with more investors seizing the opportunity to start up a holiday let business, or expand an existing holiday let portfolio."
The Society’s existing 75% LTV two-year variable and five-year fixed rates have also been reduced, and its £75,000-£750,000 and £750,000-£2m pricing tiers have been combined to offer one product for loan sizes between £75,000 and £2m.
The Cumberland’s head of commercial, Scott McKerracher, commented: “We are pleased to have introduced a 60% LTV tier which means our mortgage product offering is now even more attractive within the holiday let market. By combining our pricing tiers to offer one single product for loan sizes £75,000-£2m, we have simplified our pricing structure. We hope these changes will be of significant value to our customers.
“We’re seeing the staycation market continue to grow, with more investors seizing the opportunity to start up a holiday let business, or expand an existing holiday let portfolio. We continue to receive high volumes of appointments via our website, along with a steady flow of enquiries from brokers.”
