Roma Finance launches holiday let product

With the Bank of England base rate at an all-time low of 0.1%, the five-year tracker product has rates at 4.89% plus base rate up to 65% LTV and 5.39% plus base rate up to 70% LTV.

As income on holiday lets can be seasonal, Roma will allow the borrower to top slice actual rent from other provable income and each case is underwritten individually.

Roma has launched the solution in response to an anticipated rise in 'staycations' going forward.

Scott Marshall, managing director at Roma Finance, said: “Holiday lets can provide property investors with another income option rather that the buy-to-let route which has seen a lot of changes in recent years. Monthly rental income and yields can be higher than many other forms of property investment as renters are looking at the location of the property and using it to visit local beauty spots and landmarks.

“We’ve seen an increase in enquiries about this type of finance on well-located houses and apartments and the ‘staycation’ is also proving to be a popular choice for many.“