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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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. As a dedicated Mortgage Broker, we can help you with the holiday let mortgage process making it as smooth as possible.
Apply NowCan you get a mortgage on a holiday let?
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?
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?
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?
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?
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.
Why choose a mortgage broker?
As a dedicated Mortgage Broker, we can provide a helping hand on your holiday let mortgage journey. We are available to answer any questions you may have as well finding you a deal that is appropriate for your financial circumstances.
We're flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
Getting a new mortgage or porting an existing mortgage isn’t always easy. We’ll be here to answer all your questions throughout the whole process.
Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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Everyone at UK Moneyman was really helpful, polite and efficient throughout the process of getting our mortgage offer. As first-time buyers, the process seemed very overwhelming at the beginning but Charlie talked us through each step at the...
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I spoke to Leaghne and she was very helpful and very patient and polite in all discussions we did. It was very easy to get through.
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The service from Charlie and Chloe was outstanding! Charlie was by our side through all the start of the process and Chloe took over later on and helped with every issue we had to make sure everything ran smoothly. They both went above and beyond...
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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
