Staycations increase holiday let mortgages
The surge in staycations has fuelled a demand for mortgages for UK holiday let properties in the UK.
The amount of ‘holiday rental property’ mortgage deals has more than doubled in the last year. Financial data provider MoneyFacts has sourced this information.
More than 11,000 second-home owners have turned their properties into holiday lets to cash in on the booming market for staycations. This is according to real estate advisor company Altus Group.
Those who go for a buy-to-let mortgage tend to be investors looking to rent out their own holiday home when they aren’t in it and those who used to be ordinary landlords with tenants who now want to cash in and turn their property into a holiday let.
UK holiday let prices have soared over the last year as most have had to rule out holidays abroad. Some popular destinations like Cornwall have seen landlords prefer holidaymakers over long-term tenants. A coastal housing crisis has ensued, with many residents of these seaside destinations struggling to find housing.
There were 186 holiday let mortgage deals available in August, compared with 74 in August of 2020.
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