Essentially, lenders don't like any holiday lets, purpose-built or otherwise, preferring the safer assured shorthold tenancy agreements unless a prospective borrower has previous experience.

The practice of requesting an aval from a prospective borrower has become commonplace since the 2008 global financial crisis.

Prospective borrowers are subject to rigorous credit-checking and the default rate has averaged just 0.2% in the three years since launch.

This introduced rigorous interviews, analysis of prospective borrowers' spending habits and stress-testing their ability to withstand interest rate rises.

Analysts said this because of prospective borrowers having to make multiple applications to secure a single loan.