Holiday Let Mortgages

Holiday let properties provide good investment opportunities and a place for a nice break in-between rentals if you wish to do so. Our advisors are here to help find a great holiday let mortgage deal.

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Holiday let mortgages may come with higher rates but also present you with a chance at reaping the rewards from your rental fees.

Holiday let mortgages have become more popular in recent years and there are lots of different ways your application can be assessed. If you have a good deposit and your personal income is enough to cover your current commitments and the new holiday let mortgage in addition then your application should be straightforward.

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Before committing to buy a holiday let property, it is essential to consider all of the finances first.

If not, then lenders can assess the application based on projections for the income you expect to generate from the holiday home. They will need confirmation of how much you will be charging per week and how many weeks per year it can realistically be let out.

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Most popular FAQs

Can you get a mortgage on a holiday let?

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A holiday let mortgage is a special type of buy-to-let mortgage used for buying a property that will be let only for certain periods of the year, rather than on an ongoing long term basis.

How much deposit do I need for a holiday let mortgage?

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Typically speaking you will need a 25% deposit to get a holiday let mortgage.

How much income do I need to get a holiday let mortgage?

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Lenders vary on minimum income requirements when it comes to holiday let mortgages. They will sometimes base the amount they will lend by looking into the projected rental income of the property. Self generated rental projections are not usually accepted by lenders and you will have to look at getting a professional agent in to generate these.

Should I invest in a holiday let or a residential buy to let?

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This is completely down to you as an individual and what will best suit your circumstances. The key differences are a holiday let is usually short term let, a property that is let out to holidaymakers for weekends or a week away. With a residential buy to let you are usually looking at a 6-12 month tenancy.

Can I use my buy-to-let mortgage for holiday letting?

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The short answer is no. Most lenders typically state in the mortgage requirements that an assured shorthold tenancy should be for at least 6 months. This is something you should check in the conditions of your mortgage. You will probably need to look at a remortgage to get your current buy to let onto a holiday let mortgage.

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