Mortgages for Holiday Lets
Holiday let mortgages are designed for properties which will be let out on a short-term basis as holiday accommodation. It allows a flexible way to invest in an increasingly attractive market. With staycations on the rise, short-term holiday lets can be a great way to get a solid return on property investment.
An increasing number of property investors are considering buying holiday homes in hotspots around the UK. Holiday Let’s can provide a second income and potential tax advantages.
Things to consider
Mortgage loans for holiday lets belong to a specialist market, because of this, they require plenty of flexibility when it comes to finding the right product. Read our blog for a deep dive into Holiday Lets and some important considerations you should make.
Buy-to-Let mortgages are usually granted on the basis that a long-term rent will be received to cover the mortgage. As holiday let income is usually shorter term and more sporadic, the lender will calculate affordability differently.
The lender will be taking into consideration that property will unlikely be let all year round and income will rise and fall dependent on the seasons.
Therefore, it is important to discuss your requirements with a whole-of-market expert who can find the right product to suit your needs as a traditional Buy-to-Let mortgage may not be suitable.
Advantages
Holiday lets offer more flexibility to the property owner, and they will have more access to their property than they would usually by having a long-term tenant.
In down seasons they will be able to enjoy the property for themselves and rather than worrying about tenants, you can start thinking about weekend guests and earning super host status.
Holiday Let mortgage calculator
Holiday lets are calculated differently from traditional buy to let mortgages. It is advisable to get bespoke advice so you can be aware of all of the products and services available to you. Once we understand you goals, we can use specific calculators to help you find out how much you can borrow. Not only that, but we will help you work out how much income you could receive from your holiday let once you have paid your mortgage repayments.
Read more about holiday Lets
The experts at Prospect Tree Mortgages have written these in-depth blogs regarding holiday let mortgages ensure you have all the information you need to make an informed decision about your holiday let mortgage. Take a read.
Holiday Let advice from the mortgage professionals
Prospect Tree Mortgages are independent mortgage experts based here in the UK. As we are independent we can run a search across the entire UK mortgage marketplace to ensure we only recommend mortgage loans which suit your circumstances.
Holiday Let mortgages are viewed slightly differently by mortgage lenders but with our expertise we can ensure you fully understand all of the details before you commit to proceeding.
Our friendly and professional mortgage advisors are ready to answer your questions.
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