The relaunched products from The Cambridge land at the right time for the 2021 holiday season. The uncertainty around foreign holidays, and the spectacular 2020 British weather are proving to be key factors when people are choosing to re-evaluate their holiday and investment plans. As a consequence, industry commentary suggests the Holiday Let Market is entering a considerable growth phase. Alongside this, Google Trends shows July 2020 as boasting the all-time high for searches of ‘Holiday Let’, yet April 2021 albeit currently with partial data, looks set to beat it.
The Cambridge have taken a pragmatic approach to their Holiday Let mortgage criteria, understanding that people may want to visit the holiday home they own, owners can stay for a generous 90 days per year. Their flexible approach is allowing them to support where some lenders cannot. Features and benefits of The Cambridge Holiday Let Mortgages are:
– Personal use allowed for up to 90 days per year
– Airbnb and similar allowed
– New and established holiday lets accepted
– Portfolio of 5, with no limits on background portfolio size
Rates built for impact start at 3.39% on the 2 year discounted mortgage. When teamed with a maximum 75% LTV and no upper age limit The Cambridge seek to maintain a desirable range of products when compared with other lenders who’ve also recently entered the market.
| 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% |
Dan Barker, Product Manager at The Cambridge comments “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”.
