Buckinghamshire Building Society launches new area of lending
29 March 2022
Recent research shows the post pandemic trend towards staycations is set to continue into 2022 and beyond, with 28% of holidaymakers polled preferring a staycation over a holiday abroad, with 52% of people polled planning to take one of each in 20221.
The environmental impact and the desire to support the country’s economy are amongst the drivers cited for this move from holidays abroad to UK based breaks. This shift, which is set to stay, has provided a significant opportunity for landlords to capitalise on this newly formed niche, with holiday home rental income on average earning £28,0002 a year.
Intermediaries have signalled that this sector provides an exciting new opportunity to meet an emerging demand in the mortgage market3. The most recent lender to launch a holiday let offering is Buckinghamshire Building Society who are set to bring their flexible underwriting approach and niche market specialisation to this segment, specifically offering a lending option for properties in coastal and national park areas.
Speaking about the launch, Claire Askham, Head of Mortgage Sales at Buckinghamshire Building Society said, ‘As a Society we love identifying market trends and responding to them with competitive products and this is no exception – we are delighted to further expand our product portfolio and we are confident this offering will be popular for landlords with properties throughout the country both along the UK’s impressive coastline and within its most treasured rural national park areas. This product aims to celebrate the very best of British holidays – a chance for people to enjoy a change of scenery and unwind.’
Sources
1 https://travelweekly.co.uk/news/tourism/staycation-boom-to-continue-into-2022
2 https://www.mortgagestrategy.co.uk/analysis/buy-to-let-watch-riding-the-staycation-wave/
3 https://moneyfacts.co.uk/news/mortgages/rise-in-mortgage-deals-for-holiday-let-investors/
