"We went into the holiday buy-to-let market to support the post-lockdown economy and give more choice to investors hoping to take advantage of staycations"
YBS Commercial Mortgages has completed its first holiday buy-to-let mortgage, after launching the new product to help boost the post-lockdown economy.
The mutual lender agreed a deal to lend £700,000 for a holiday let purchase in the South East.
YBS launched the new holiday product in a bid to give more choice to the staycation sector following the impact of Covid restrictions on foreign travel.
The product is specifically targeted at prime UK tourist locations including the South Coast, South West, Wales and the Lake District.
The lender says applications from brokers and investors wanting to buy holiday lets are increasing and that opportunities in the staycation sector remain high.
Tom Simpson, managing director at YBS Commercial Mortgages, said: “We went into the holiday buy-to-let market to support the post-lockdown economy and give more choice to investors hoping to take advantage of staycations while foreign travel restrictions were in place.
“We’re delighted to have got the first deal over the line and are confident many more will follow based on the level of enquiries we’ve seen. We suspect demand for a holiday in the UK will only continue to rise as people seek a break away from home but are limited to the home nations – we’re backing the industry to come back stronger than ever.
“Our flexible, personal service allows us to tailor loans to suit the individual needs of clients and we look forward to helping more people invest in holiday properties.”