Teachers for Intermediaries launches fixed-rate holiday let products

Teachers for Intermediaries, part of Teachers Building Society, has launched two fixed-rate holiday let mortgage products.

These are: 3.49% fixed to June 2023 up to 75% loan-to-value (LTV) and 3.74% fixed to July 2025 up to 75% LTV.

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

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The products are aimed at supporting increased demand from new and existing property investors looking to capitalise on growth in the UK holiday let market.

A recent investigation from Teachers Building Society found that three in five (59%) Brits are planning a UK staycation this year.

Comparing 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.

Self-catering holiday lets were found to be a popular choice, with 29% saying they would select this option, second only to hotels (37%).

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.”