Helping you invest in holidays lets
Holiday let mortgages are a type of mortgage designed for people who want to buy a property with the intention of renting it out as a holiday rental. These mortgages are different from standard buy-to-let mortgages and residential mortgages, as they are specifically tailored to the unique requirements of holiday let properties.
One of the main differences is that lenders will typically require a higher deposit for holiday let mortgages, often in the region of 25-35% of the property’s value. This is due to holiday let properties usually being considered a higher risk than normal residential properties or Buy to Lets. The risks are even higher if you are wanting to repay your mortgage solely with the income from your holiday let.
Another difference is that lenders may require proof of income from holiday lettings, as well as detailed information about the expected income from the property. This is quite a niche area of lending as holiday let mortgages are suitable for short-term lets only. So rental income can fluctuate making it more difficult for lenders to see your potential rental income. This means lenders will want to ensure that the income generated from the property is sufficient to cover the mortgage repayments and expenses associated with running a holiday let.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
We’ve got the right lender for you
Holiday let mortgages can be a good option for those looking to invest in a holiday property and generate income from holiday rentals. For holiday let mortgages, lenders will look at your income, affordability and the deposit you have saved. We understand the growth in these types of mortgages and are here to do the research for you and find the most suitable lender and mortgage for your individual circumstances.
So if you want to find the best holiday let mortgage for you, contact our mortgage advisor for advice today.
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You can use the form below to make an enquiry and a member of our team will come back to you, if it’s urgent why not give us a call on 07562 331345.
Speaking to a member of our team allows us to understand your individual requirements and allows us to give you the most accurate information for what you’re looking for.