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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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...
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Fantastic service from Tom Bowes
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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...
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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...
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I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
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It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
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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
