The Cambridge Building Society has relaunched its holiday let mortgage products to meet ‘rocketing’ demand.
New and established holiday lets are eligible for the products, which allow borrowers to stay at their property for up to 90 days per year.
Airbnb and similar rental portals can be used and borrowers can have up to five properties in their portfolio.
Rates start at 3.39 per cent on a two-year discounted mortgage up to 75 per cent LTV with no upper age limit.
The five-year fix starts at 4 per cent repayment rate.
Full details of the products are as follows:
| Product | Initial interest rate | Application Fee | Completion Fee | Early Repayment Charge | Over- payments |
| 2 Year Discount | 3.39% | £0 | £1,500 | 1/1% | 10% |
| 5 Year Fixed | 4.00% | £0 | £1,500 | 5/4/3/2/1% | 10% |
The Cambridge product manager Dan Barker says: “We’ve seen how people have re-evaluated their finances over the last year, regardless of this, the appetite to have a place to holiday remains.
“We understand from our Intermediary partners that requests for holiday let mortgages have increased significantly, and we’ve built great products and flexible criteria to support their holiday homeowner clients with their investments”.
The Cambridge lends across England and Wales through intermediaries and direct.
The lender says its holiday let products are not suitable for holiday parks with restricted usage covenants.
