West One's holiday-let mortgages: flexibility meets opportunity
West One highlights continued growth in the UK holiday-let market, where the number of available mortgage deals rose by 23%, from 362 in August 2023 to 445 in August 2024, as more landlords look to short-term letting as an alternative to conventional buy-to-let.
The lender acknowledges the sector's challenges. Holiday lets were badly affected by the pandemic, some councils and communities remain wary of them, and recent tax changes have led many landlords to hold properties through limited companies. Even so, returns can be attractive: while average UK rental yields are around 5%, well-located holiday lets can achieve more than 8%, although owners need to plan for empty periods out of season.
West One says its specialist buy-to-let range is open to both experienced and first-time landlords, applying personally or through a limited company, and that it underwrites each case manually, including complex cases that mainstream lenders may turn down. Its holiday-let mortgage offers:
• loans from £50,000 to £1.5 million • up to 75% loan to value • acceptance of first-time landlords and buyers • personal use of the property by the borrower • purchase and remortgage options • no minimum income and flexible income verification • suitability for short-term lets and serviced accommodation
The lender also points to quick turnaround times and direct access to underwriters for brokers.
