Scott McKerracher, Head of Commercial Lending at The Cumberland, explains: “We have simplified our pricing structure, with rates for loans above £750k 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.”
Having specialised in holiday let lending for over 10 years, we have a dedicated hospitality business lending team, who this year were presented with the Platinum award in the annual Feefo Trusted Service Awards – the highest possible accolade bestowed by the customer reviews platform.
Senior Business Lending Manager, Grant Seaton, comments: “The award reflects our team’s depth of knowledge of holiday let and hospitality business lending, as well as our personal approach – assessing each case on its own merit and providing a supportive and people-focussed service to our customers.
We regularly receive glowing reviews, which is testament to our team’s drive to deliver exceptional customer service.”
Our tailored holiday let lending criteria allow us 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.
We will lend up to £2m on an individual transaction, and up to £5m aggregate borrowing across a portfolio of properties.
Are you looking for a holiday let mortgage? Or perhaps you have a client who is. Find out more about our range of holiday let mortgage products here.