Mortgage for holiday home to let

Abbigale_newell

Hi,

I would very much like to invest in a holiday home to let but would need financial help to do so. (I already have a mortgage on my own home).

Does anyone know if there is a specific type of mortgage for this? If anyone is already the owner of a holiday home they let out (in the UK) and got a mortgage in order to buy it could they give me any advice?

All advise gratefully received.

Abbi

sandiep

Yes, there are specific mortgages. You are going to need at least a 30% deposit, probably 40%.

You should also be careful with your budgeting, and assume say only a maximum 30% occupancy rate in the first couple of years. Many people return to holiday cottages that they've been to before so it takes a couple of years to build up decent occupancy rates.

Abbigale_newell

Do you know of any companies that offer these mortgages?

AbbieCadabra

i'm not recommending any of these, just some i bookmarked when we were looking into doing something similar

http://www.letpropertystrategies.co.uk/holidayletmortgages.htm

http://www.holidayletmortgages.co.uk/

http://www.enhancedwealth.co.uk/mortgages/holiday-let-mortgages/

http://www.furnishedholidaylets.co.uk/mortgages.htm

http://www.mortgagesmadeeasy.co.uk/buy2let.htm

http://www.mortgagesforbusiness.co.uk/

whatever you do, research into the area & existing holiday lets is vital. when you think you've covered everything, do some more! it really can be a very difficult market, but if you do get it right AND have some good luck, it should be worth it.

some useful forums
http://www.laymyhat.com/forum/
http://www.landlordzone.co.uk/forums/index.php
http://propertytribes.ning.com/forum

property price info
http://www.propertysnake.co.uk/site/search
http://www.landregistry.gov.uk/www/wps/portal/PrimaryWebsite
http://www.home.co.uk/

good luck!

Abbigale_newell

This is great thanks

lagoslife

For UK holiday lets there is also some important information on legislation (health and safety etc) at the visit Britain site http://www.accommodationknowhow.co.uk/default.aspx

This might be of use.