Leeds Building Society reintroduces holiday let mortgage range as UK gears up for staycation getaway
With many predicted to opt for staycations this summer, Leeds Building Society is reintroducing its competitive range of holiday let mortgages.
The decision comes as the country gears up for a summer getaway, with many of us expected to opt for a stay-at-home break.
Leeds Building Society is launching the following holiday let two year fixed rate deals from Thursday, 16 July:
- 2.84% fixed until 30 September 2022 up to 60% LTV (loan to value)
- 3.34% fixed until 30 September 2022 up to 70% LTV
Both products come with a free standard valuation, fees assisted legal services, and no product fee.
“In these uncertain times, we believe many will choose to holiday in the UK this summer and take advantage of our seaside towns and stunning countryside,” said Matt Bartle, Leeds Building Society’s Director of Products.
“That could well be a trend that continues so we can expect to see more interest in holiday lets in some of the UK’s sought-after locations. We were the first lender to launch a range of dedicated holiday let mortgages back in 2013 and our research has shown traditional locations such as the South West, Yorkshire and the Lake District remain popular with holidaymakers, with many favouring a coastal break.
“The recent Government announcement on stamp duty is likely to encourage more interest in the Buy to Let market, including holiday lets.
“High demand means high returns but it’s important for landlords to remember performance can be seasonal and affected by the weather.
“Buying a holiday let, like any other property investment, does carry risk but enables an investor to diversify their portfolio risk by letting weekly to a range of occupiers, rather than relying on one individual to pay rent every month.”
Ends
Key features
Holiday let 2.84% fixed rate until 30 September 2022
- Available up to 60% loan to value
- No completion fee
- Free standard valuation
- Fees assisted legal services
Holiday let 3.34% fixed rate until 30 September 2022
- Available up to 70% loan to value
- No completion fee
- Free standard valuation
- Fees assisted legal services
Notes to editors
Leeds Building Society won the title of Best Shared Ownership Mortgage Lender in the 2019 What Mortgage Awards, its fourth consecutive year of success in this category. It also was named Best Lender for Later Life Lending in the Legal & General Mortgage Club Awards 2019.
The Society operates throughout the UK and had assets of £20.8bn at 31 December 2019 (£19.4bn at 31 December 2018). The UK’s fifth-largest building society has its head office in the centre of Leeds, where it has been based since 1886.