Mortgage lenders are trying to win holiday let landlords
According to independent mortgage market monitor Moneyfacts there are now more than 230 deals available in this sector, treble that of August 2020 and a rise of 25% since September 2021.
There are now 27 different lenders trying to win business from holiday rental landlords, two more than in September 2021 and 13 more than in August 2020.
Finance expert at Moneyfacts, Rachel Springall, says while this growth is good news, the fast developing sector may yet attract even more competition which would ultimately be positive for landlords.
Under the new rules, which will come into effect in April 2023, holiday rentals need to be rented for a minimum of 70 days a year and can be rented for 140 days a year, and evidence will need to be shown.
The government says the move is a way to protect genuine holiday lets and crack down on others.
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