There has been a marked increase in broker queries about holiday lets according to the latest monthly data from Primis Mortgage Network.

Its product desk saw an uptick in the number of queries relating to holiday lets in September. Primis said with the UK ‘staycation’ thriving as a result of the pandemic, this reflected growing interest from borrowers looking at the investment opportunity in the short-term rental market.

Primis says it has also seen a rise in queries about buy-to-let products for first-time products and for landlords on minimum incomes. It added that some lenders are now amending their lending criteria to support a wider range of buyers and landlords, especially those with more complex financial situations.

The network said it continued to see increased queries about mortgage options for those with adverse credit, as well mortgages for the self-employed, particularly for those on day rates or agency workers. 

It said providers are now beginning to offer a wider range of mortgages to complex borrowers, signalling an increase in lender confidence, with a number softening the criteria for freelancers.

In total the product desk supported brokers with 2,387 queries in September.

Primis proposition director Vikki Jefferies says: “These results reflect the market’s ongoing recovery and buoyancy. With the recent boom in the staycation market, it’s of no surprise to see increased queries on holiday lets as people see their investment potential, especially in the run up to the festive season.

“The low rates and updated criteria from many lenders in the buy-to-let market also explain the rise in queries on these products, especially those tailored towards complex first-time landlords. However, with a potential rate rise looming, it will be interesting to see how queries evolve over the coming weeks, especially as more borrowers might look to fix into lower rates for longer.”

She adds: “It’s also especially promising to see high levels of queries on adverse credit and self-employed mortgages, suggesting that many borrowers who may have struggled during the pandemic are now able to access affordable products.”