"The UK tourism industry has been badly affected by the coronavirus pandemic and subsequent lockdown, but as restrictions ease, staycations are soaring in popularity."
Holiday homes have been a significant and growing sector of the UK economy and according to Visit Britain, in 2019, British residents took more than 99 million overnight trips in England, spending £19.4 billion.
Since the recently announced stamp duty holiday, queries from investors wanting to buy holiday lets are reported to be up 25% in some areas.
The lender's new holiday let product is focused on the South Coast, South West, Wales and the Lake District. A five-year fixed rate is available at 3.85% for loans up to 75% LTV with a maximum loan amount of £1million.
Allan Griffiths, regional director at YBS Commercial Mortgages, said: “We know the UK tourism industry has been badly affected by the coronavirus pandemic and subsequent lockdown, but as restrictions ease, staycations are soaring in popularity. We hope that the launch of our new targeted product for this sector specific need will help to support the tourist industry in these areas.
“Our flexible, personal service model allows us to tailor loans to suit the individual needs of our borrowers. My team and I are looking forward to supporting borrowers with specific plans to invest in properties specifically for holiday letting.”
