The Nottingham enters holiday let market

It has responded to the demand for staycations by unveiling a range of products designed to help those looking to invest in a holiday rental.

The building society’s criteria includes lending on up to two holiday lets (in England or Wales), with no minimum personal income requirement.

It will also take into consideration up to 32 weeks’ rental yield and allow the owner to utilise the holiday let for personal use for up to 60 days each year.

A two-year fixed rate product is available at 3.55%, a five-year fix at 3.82%, and a two-year discount with no ERCs at 3.25%. All products are available up to 75% LTV and come with a £999 fee added to the loan.

The Nottingham’s head of mortgage product, Christie Cook, said: “As we head into summer hopefully our competitively priced range of holiday let products, aligned with our lending criteria, will bring some sunshine to brokers and their customers.

“The challenges and restrictions brought about by the pandemic led many to rethink certain aspects of their lives including how, and where, they take their holidays – with a well-publicised surge in the number of staycations.

“That in turn has created a potential investment and income opportunity for those looking to purchase a holiday rental, so we are excited to be lending in this space.”