Holiday let interest grows in September – Primis

According to the Primis Mortgage Network product desk, holiday let mortgages were the most common broker query during the month. 

This was followed by buy-to-let mortgages for first-time buyers and landlords with minimum income. The network said new investors were being enticed by low rates and a widening of product criteria to consider those with complex incomes.   

Vikki Jefferies (pictured), proposition director at Primis, said: “Today’s 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.” 

She added: “The low rates and updated criteria from many lenders in the buy-to-let market also explains 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.” 

Queries for adverse credit mortgages also rose in September which the network said signalled a rise in lender confidence. 

This was followed by searches for mortgages for the self-employed, particularly those on day rates or agency workers who have recently gone self-employed. It said this aligned with the increase in lenders now accepting borrowers who used government support during the pandemic. 

Jefferies added: “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.” 

The number of appointed representative brokers the product desk served also rose from 1,903 in August to 2,387 in September.