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Expat holiday let – available by popular demand!

Written by Joanne Leek

1 Feb 2022

Tags

Expat, Holiday let, Product Changes

4 min read

Our expat range just keeps getting better, as we’ve responded to broker feedback and can offer your expat clients a holiday let option, alongside our existing expat residential and buy to let deals.

This follows our holiday let criteria enhancement which means we also now welcome properties marketed on Airbnb and similar short term rental sites.

By choosing the Suffolk you get our usual individual approach and expert manual underwriting as standard. Here’s what you’ll also get when using us for your client seeking an expat holiday let mortgage:

  • Up to 60 days personal use, ideal for applicants who want to earn rental income from their property but also need a base when they return to the UK for holidays or to visit family.
  • We can consider when only one applicant is a UK national.
  • Deposits built up in country of residence accepted and most currencies accepted.
  • First time landlords accepted, minimum age 30 (minimum age 21 for existing landlords).
  • Rental coverage assessment requires a letting agent (not Airbnb) to provide a known or anticipated letting value.

Charlotte Grimshaw, Head of Intermediary Relations, explains:

“As expat and holiday let specialists we were naturally keen to respond to the demand for what is currently an underserved section of the market. Although many lenders will consider either holiday let or expat applications, very few consider them together. While according to Moneyfacts, the number of holiday let products for UK residents is booming with more than 200 deals available, the same cannot be said for products for expats with just a handful of lenders currently in the market.”

“We understand that increasing numbers of UK nationals are looking to invest in the UK holiday rental market, as the public rediscovers the beauty of British holidays and the pandemic continues to make travel abroad tricky. With 60 days personal use, this also provides a great base for those expats returning to the UK for longer holidays or to visit family, meaning they have a property of their own to stay in, alongside the rental income they’re earning too.”

We’re here to help, so if you’ve got a case in mind, or need to speak to us, give us a call on 0330 123 1073 (option 1).

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