"With the staycation market anticipated to boom this year (and beyond), investors are showing a growing interest in holiday let property."
The Cumberland’s tailored holiday let lending criteria allow it to consider cases such as occupancy restricted property and larger portfolios throughout mainland UK, and the isles of Anglesey, Arran, Mull, Skye, Lewis, Harris and Wight.
The building society will lend up to £2m on an individual transaction and up to £5m aggregate borrowing across a portfolio of properties.
The Cumberland’s head of commercial lending, Scott McKerracher, commented: “We have simplified our pricing structure, with rates for loans above £750,000 reduced to match those for lower loan sizes.
“With the staycation market anticipated to boom this year (and beyond), investors are showing a growing interest in holiday let property.
“We’re seeing that reflected in our holiday let mortgage enquiry figures – with high volumes of appointments being booked through our website, combined with a steady growth in broker enquiries since the start of the year. We also saw our average case size for enquiries climb by 20% last month compared to the previous two years, so it was important to us to ensure we were catering for the increasing amount of higher value cases that we were seeing.”
