Specialist lender Together has further enhanced its offering for landlords and property investors with a new holiday let product, created in response to demand from professional landlords looking to rent out their properties on a short-term basis.
A growing number of investors are turning to holiday lets as an alternative to traditional buy-to-let properties, thanks to attractive rental yields and websites like Airbnb which have revolutionised the holiday rental sector.
Market demand for holiday lets is buoyed by record numbers of tourists visiting the UK - estimated to be 40 million this year - and more Britons staying home for their holidays post-Brexit.
Marc Goldberg, commercial CEO at Together, said: “Our aim is to support landlords and investors by providing innovative finance products that are tailored to their needs. Holiday lets can deliver high yields and there’s strong market demand, so we’re delighted to launch this new product which we believe will complement our existing offering in this sector.”
Loans of up to £2 million are available for purchase or remortgage, and terms range from four to 30 years, with a minimum five-year term on fixed-rate loans.
The holiday let loan is also available on a second charge basis, for landlords looking to raise additional finance on their rental property.
In line with its common sense philosophy, Together will consider lending to borrowers using non-standard properties as security, and to a broad range of customers, including limited companies, sole traders, self-employed, expats and those who may have some adverse credit history.