Owning and letting a property as a Holiday-Let
Are you looking to buy a property as a Holiday-Let investment? Do you currently own a second property which you would like to let out for an additional income while not committing to a long-term tenancy agreement, but require the right mortgage to be in place to do so? Do you require a suitable mortgage that will reflect your property investment plans with the ability to still use the property for your own personal use?
If any of these apply then we can help you navigate this seemingly complex type of mortgage and work alongside you to ensure your goals are successfully achieved and that you have the right type of mortgage finance in place.
How does this work?
More and more investors are deciding to buy properties as a Holiday-Let investment or re-purpose properties they currently own as such. A standard mortgage or mainstream Buy to Let mortgage are not usually suitable for these purposes, especially if the owner wants to retain the right to use the property themselves for a period of time each year.
In the case of a holiday let mortgage , a lender will normally lend on the basis of the seasonal rental income a property can generate while providing the owner with the ability to still use the property for themselves and their family for a limited period of time each year. Often the mortgage will be based on the projected income a property will generate across the year, from low seasons through to high seasons.
The mortgage market for holiday-let mortgages is expanding
Where once they were a niche form of lending, as the demand for UK holiday options has increased so has the availability of suitable mortgage finance to allow individuals to take advantage of this trend. The main thing to remember is that a holiday-let mortgages are a form of business mortgage and therefore, the majority of options, may not be available directly to you. In this Resolve can help.
The mortgage market for holiday let mortgages is improving all the time as more investors are going down this route to increase the rental income their property investment will generate.
We would advise speaking with us so that we can navigate the various options available to you and and work alongside you to ensure your holiday-let investment goals are successfully achieved.
If you are interested in weighing up the tax advantages and disadvantages of this type of mortgage then please get in touch and we can arrange a meeting or call.
*Please note, these are not regulated by the Financial Conduct Authority (FCA).