We have increased our maximum LTV for holiday let mortgages to 75%, back in line with our proposition pre-lockdown.
In addition, we have re-introduced our 2-year variable holiday let mortgage product, which had previously been withdrawn in August, at a time when focussing on supporting our existing customers was critical.
The 2-year products are available at 3.54% and join the 5-year fixed rate mortgage (available at 3.74%) that has remained available throughout the pandemic.
Simon Whitwham, Head of Cumberland Business comments:
“Since the initial lockdown in March, we’ve been focussed on balancing the needs of our existing holiday let customers, a high proportion of whom required mortgage holidays for 3-6 months, while continuing to serve new borrowers.
“As we exited the initial lockdown, we saw the notable bounce back of the British staycation. A survey we commissioned suggested 83% of Brits plan to holiday in the UK rather than abroad this year, and 71% intend to plan a staycation in 2021. Pair this with Chancellor Rishi Sunak’s stamp duty holiday announcement in July, and holiday letting as an investment opportunity started to turn heads.
“In August, a surge of holiday let mortgage interest saw us hit record enquiry numbers, and demand remained high throughout September. Withdrawing the 2-year products was the right thing to do, to allow us to give our existing customers the best possible service and support during that time.”
Simon continues “We remain committed to supporting holiday let investors across the UK, and the re-launch of 75% LTV and our 2-year variable product opens up our product set to a broader range of borrowers once again.”
The Cumberland’s tailored holiday let lending criteria continue to allow it to consider cases that many other lenders don’t – such as occupancy restricted property and larger portfolios throughout mainland UK, and the isles of Anglesey, Arran, Mull, Skye, Lewis, Harris and Wight.
Find out more about our holiday let mortgages >