Speaking on Specialist Lending Solutions TV, senior associate of Sirius Finance, Dak Lam, said the market would continue to grow and products “will eventually end up on the high street properly”.
Damian Cain, director of Complete FS, said his firm was noticing a demand for holiday let investment and noted that over the last year, the company’s lending panel for holiday let has doubled to eight.
He said: “We’re getting enquiries every day asking for holiday lets. That was probably something that 12 months ago we came across maybe once every couple of weeks.”
Robert Oliver, sales director at Castle Trust, said in the four months he had been with the bank enquiries for holiday lets had increased by 45 per cent.
He said the sector was ready for expansion and in order to keep growing, it was important for lenders and banks to take feedback from broker partners about what their clients need.
“It can also revolve around the underwriting of cases, the assessment of applicants and making sure that we underwrite correctly,” Oliver added.
He said: “The product innovation work in this part is important but the big message that I’d give to the standard broker, the appointed representative or the directly appointed firm is don’t be scared of it. It’s a new market.”
Watch the video below [10:36] hosted by Shekina Tuahene, commercial editor of Mortgage Solutions and Specialist Lending Solutions, featuring Robert Oliver, sales director at Castle Trust; Dak Lam, senior associate at Sirius Property Finance and Damian Cain, director of Complete FS.