The mortgages are aimed to at supporting the increased demand for holiday let properties as investors look to capitalise on this booming area.

Indeed, an investigation by Teachers Building Society found three in five (59%) Brits were planning a UK staycation this year.

When comparing people’s holiday plans pre and post pandemic, the research revealed that an additional 35% of Brits were now considering a UK based holiday as a direct result of Covid-19.

The new holiday-let mortgage products available from Teachers Building Society are:

• 49% fixed to June 2023 available up to 75% LTV
• 74% fixed to July 2025 available up to 75% LTV

Both products have a £99 application fee and a £899 arrangement fee.

Ralph Punter, business development manager at Teachers for Intermediaries, said: “As our own research has shown, consumer demand for UK based holidays has increased as a direct result of the pandemic, a trend we expect to continue into next year too.

“Combined with the recently announced stamp duty holiday, we expect to see increased interest in the holiday let market from investors.

“Our new mortgage products will support those looking to purchase holiday-let homes for short term rental purposes.”

Teacher’s research also found, when it comes to type of accommodation, self-catering holiday lets were a popular choice, with three in ten (29%) saying they’d select this option. It came second only to hotels (37%).

When it comes to destination, it seems for many Brits they’d prefer to cross the Tamar than an air bridge, with Cornwall topping the list of most desirable places to visit. Scotland, Devon, Wales and the Lake District completed the top five.