YBS Commercial Mortgages has announced a new Limited Company buy-to-let product targeted specifically at holiday letting properties in prime UK tourist locations to boost the post-lockdown economy.
Tourism in Wales directly supports about 120,000 jobs – almost 10% of Wales' workforce – and more than £3bn a year to the Welsh economy according to the Welsh Government.*
Since the recently announced stamp duty holiday, queries from investors wanting to buy holiday lets are reported to be up 25 per cent in some areas and with foreign trips under restrictions, signs for the staycation sector are optimistic.
Already an established niche Limited Company buy-to-let mortgage provider, the mutual lender has today (15 July 2020) launched the new holiday product focused on Wales as wells as the South Coast, South West, and the Lake District.
The new product offers a five-year fixed rate at 3.85% for loans up to 75% loan-to-value (LTV) with a maximum loan amount of £1million.
Allan Griffiths, YBS Commercial Mortgages Regional Director is leading on the delivery of the new product. He said:
“We know the Welsh tourism industry has been badly affected by the coronavirus pandemic and subsequent lockdown, but as restrictions ease, staycations are soaring in popularity. We hope that the launch of our new targeted product for this sector specific need will help to support the tourist industry in these areas and shows our commitment to the industry and that we are backing it to come back stronger than ever.
“Our flexible, personal service model allows us to tailor loans to suit the individual needs of our borrowers. My team and I are looking forward to supporting borrowers with specific plans to invest in properties specifically for holiday letting.”