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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
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With continued uncertainty around foreign travel, the UK-based holiday market is set to boom this summer and with new research showing that holiday let mortgage deals have bounced back to almost the same as what was available pre-pandemic, now could be a good time to invest in a holiday let.
Research carried out by Moneyfactscompare.co.uk has found that there are currently 149 holiday let deals available on the market, which is just 13 less than was available at the beginning of March 2020, before the first lockdown, when there were 162 holiday let deals. As well as this, the number of lenders offering a holiday let mortgage has increased slightly, up from 20 at the beginning of March 2020, to 21 today.
Saying this, the average rate available on a holiday rate has risen over the last year to 3.95% today, up from an average rate of 3.37% at the start of March 2020. For those considering investing in a holiday let, it could be worthwhile speaking to a mortgage broker who may be able to highlight deals offering below average rates.
Commenting on the holiday let mortgage research, Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “There are now more lenders offering options than six months ago – back to a spread seen in March 2020 before lockdown began – but it appears that building societies are more inclined to provide deals to meet growing demand, whether for someone who uses their own home or takes out a new loan to fund the holiday let investment. According to a recent survey by Hodge Bank, out of those purchasing a holiday home, 65% take out a new holiday let specific mortgage and 35% remortgage their existing home to finance their holiday home.
“Supply and demand may well be a key issue in 2021 for investors who feel staycations are here to stay awhile yet, and indeed according to Rightmove, national new listings stock is down 25% year-on-year. Any lack of holiday home opportunities will come as frustrating news for investors considering the return of holiday let deals on to the market, especially as sales figures nationally are rising and some consumers have more disposable income from lockdown and are therefore ready to invest. Data from PropertyMark cited that one in nine properties nationally sell more than the asking price, with recent figures hitting a five-year high.
“Clearly, for any opportunities that prospective borrowers are contemplating, it is wise they approach an independent qualified financial adviser to go through the deals currently available and to get some valuable insight into the workings of a holiday let, including tax benefits, rules regarding residency periods, rental income desirability and requirements, and other potential expenses outside of utility bills.”
For those wanting to find out more reading our guide on holiday let mortgages may be useful. Alternatively, visit our investment page to find out about other investment options available to consumers.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes an increased two-year fixed ISA from Aldermore, and a five-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
More good news for borrowers as lowest rates continue to fall.
Mortgage approvals rose to their highest level in two years as house prices also record an increase, according to the latest figures from Nationwide BS.
Mortgage approvals rose to their highest level in two years as house prices also record an increase.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes an increased two-year fixed ISA from Aldermore, and a five-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
More good news for borrowers as lowest rates continue to fall.
Mortgage approvals rose to their highest level in two years as house prices also record an increase, according to the latest figures from Nationwide BS.
Mortgage approvals rose to their highest level in two years as house prices also record an increase.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.