PRIMIS: Holiday-let queries surge

Jake Carter

November 4, 2021

seaside holiday let coastal

PRIMIS Mortgage Network’s product desk supported Appointed Representative (AR) advisers with 2,387 queries in September, up from 1,903 in August.

During September, the most common queries from brokers included holiday-lets, buy-to-let products for first-time buyers and landlords with minimum income, adverse credit and self-employed.

The staycation industry has risen since the pandemic, and many see holiday-lets as an enticing investment opportunity due to increased short-term rental demand, according to PRIMIS.

Vikki Jefferies, 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.

“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.

“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.

“However, with government schemes such as Help to Buy winding down, there are still some challenges to overcome within the market. As such, we will continue to invest in our broker relationships, providing 24-hour support through our product desk and virtual experts page to assist brokers with whatever they need.”

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