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. The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
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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.
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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.
Typically speaking you will need a 25% deposit 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.
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.
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.
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 have the flexibility to work around your busy schedule, offering appointments out of hours if necessary.
No fees payable upfront, we are only paid if we get results.
You won't have to worry about being passed around, you'll deal with the same people throughout your process.
Holiday Let's can be challenging, as you have to prove you can make up your payments on periods where you may not have a tenant. We'll help you to evidence your income.
With a range of insurance products available, we can help find you the one that is suitable for you should you become seriously ill and unable to work.
We will look around to find you the most suitable mortgage deal for your Holiday Let.
We've encountered various Holiday Let mortgage scenarios before. We'll use our expertise to help find you the best deal.
In the mortgage process, your dedicated mortgage advisor will help overcome any hurdles like issues with property surveys and down valuations.
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Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
Michelle
The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
Victoria
Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
John
UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
Antonia
Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
Babak
So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
Alistair
We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would happily...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and professional manner....
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding them with...
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
