Vernon Building Society has announced the launch of two new holiday let mortgages up to 75% LTV in response to growing demand from landlords.
The society suggested the popularity of home-grown holidays has been boosted by the coronavirus pandemic, and that the high potential returns of holiday lets are attracting landlords to the specialist sector.
Vernon has also reported increased enquiries from holiday home owners looking to remortgage or expand their portfolio.
“Holiday lets were already a growing sector for us but, in recent months, we’ve seen a great deal of interest from landlords,” Vernon intermediary sales manager, Tom Gurrie, commented. “They’re looking to purchase property in coastal locations, big cities and other tourist hotspots to take advantage of the growing demand for staycations.
“At Vernon we provide mortgages to all landlords – portfolio, non-portfolio, limited company and individual, and our new holiday range reflects this. Our personal and flexible approach to underwriting means we’re able to help more of our clients.”
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