Precise Mortgages, the specialist lender, is launching into the holiday buy-to-let market and enhancing criteria for its multi-unit range in response to growing demand from brokers supporting professional landlords.
Syndicated research* carried out for the specialist lender by BDRC shows nearly one in 10 (9%) landlords with more than 20 properties owns holiday lets in the UK with a further 9% owning holiday lets abroad. For all landlords interviewed as part of the survey, holiday lets were the second most popular property type to own in addition to residential portfolios.
The specialist lender will consider UK applications on houses and flats currently utilised as holiday lets providing there are no planning or occupancy restrictions.
Experienced individual and limited company landlords wanting to invest in a holiday let can choose from Precise Mortgages’ core buy to let range with rates starting from 2.77% and borrow up to £500,000 to a maximum 70% LTV or opt for a bridging finance loan.
The holiday let option is part of a raft of buy to let and bridging criteria enhancements to help landlords wanting to take advantage of evolving market opportunities.
The criteria changes are being launched to help more customers secure the product they need – its syndicated research* found 12% of all landlords own multi-unit properties rising to one in three (34%) among those with 20-plus properties.
Experienced individual and limited company landlords investing in multi-unit opportunities can now have up to six self-contained units under a single freehold and borrow up to £750,000 at 75% LTV and up to £1m at 70% LTV.
Alan Cleary, Managing Director of Precise Mortgages, said: “The UK is proving increasingly popular among both British and overseas tourists which is generating attractive rental returns for holiday lets. The new criteria across the buy to let mortgage and bridging finance ranges will help more customers secure the product they need.”
Full details of the buy to let mortgage and bridging finance criteria enhancements can be viewed by visiting the online criteria glossary on the Precise Mortgages’ website at www.precisemortgages.co.uk/Criteria/Glossary.
*BDRC Q2 2018 Landlords Panel syndicated research report prepared for Precise Mortgages. Fieldwork was conducted online between 8th and 25th June among a sample of 681 National Landlords Association members