The Times and the Guardian both looked this weekend at the growing market for UK holiday lets, now worth around £540 million per year. Leeds Building Society has become the latest lender to enter the market with a specific range of mortgages, joining others including Principality and Cumberland building societies. Some critics argue however that a deluge of outside buyers can have a detrimental effect on the social infrastructure of an area. Record low rates also featured in the weekend’s financial press, following the launch of HSBC’s 1.49% 2-year fixed rate. The Sunday Telegraph and Observer reported on the ‘lowest ever’ fixed rate, but brokers also highlighted that borrowers are much more aware now that there is more to a deal than rate alone, and the £1999 arrangement fee will have a significant impact on the total cost. Elsewhere the Mail on Sunday revealed that, aside from Government initiatives such as Help to Buy, several lenders are already attempting to help First Time Buyers secure their first property by offering deals to those with 5-10% deposits.
What the papers say – 3rd and 4th August 2013