The Cumberland reduces pricing on holiday lets

Jake Carter

June 3, 2021

seaside holiday let coastal

The Cumberland Building Society has reduced its rates for loans over £750,000 across its full holiday let product range.

The building society will lend up to £2m on an individual transaction and up to £5m aggregate borrowing across a portfolio of properties.

Scott McKerracher, head of commercial lending at The Cumberland, said: “We have simplified our pricing structure, with rates for loans above £750,000 reduced to match those for lower loan sizes.

“With the staycation market anticipated to boom this year (and beyond), investors are showing a growing interest in holiday let property.

“We’re seeing that reflected in our holiday let mortgage enquiry figures – with high volumes of appointments being booked through our website, combined with a steady growth in broker enquiries since the start of the year.

“We also saw our average case size for enquiries climb by 20% last month compared to the previous two years, so it was important to us to ensure we were catering for the increasing amount of higher value cases that we were seeing.”

Grant Seaton, senior business lending manager at The Cumberland, added: “The award reflects our team’s depth of knowledge of holiday let and hospitality business lending, as well as our personal approach – assessing each case on its own merit and providing a supportive and people-focussed service to our customers.

“We regularly receive glowing reviews, which is testament to our team’s drive to deliver exceptional customer service.”

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