Holiday Home Owner Seeking Advice on Buying Second Home

RJRS1

Hi All,

I currently own a home on a residential mortgage which I let out as a furnished holiday let. I'm in the armed forces so am able to do this as I live in a rented house owned by the MOD but have the holiday house registered as my primary residence.

My question is, if I buy another house (to live in) would I be able to keep the holiday house on a residential mortgage via an agreement to let with the mortgage lender or would I have to re-mortgage to a buy to let before I can buy a second property?

Any advice is greatly appreciated.

kingstreet

Can see no other answer here than "you would need to ask the lender."

Typically, lenders allow service people to let their home as they may be posted elsewhere. Consent to let is usually based on a single-tenancy AST basis, not holiday lets.

They don't normally permit holiday letting under consent to let as that is considered riskier.

Does your written agreement to CTL specifically mention holiday lets and is this also agreed with your buildings insurer?

RJRS1

There was never a written CTL, the house was let as a holiday home based on a verbal agreement with the lender.

Buildings insurance is via a bespoke holiday home insurance policy.

kingstreet

Okay.

As stated, it's all about the lender and nothing on here could be more than pure speculation.

Horse's mouth job.