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Holiday let mortgage
Franksonata
Posts: 1 Newbie
We are remortgaging our holiday let cottage.
The mortgage found by our broker states that we can't occupy the cottage ourselves! We want to be able to stay there at weekends when we haven't managed to find a booking.
When I queried this, I was told there wasn't a holiday let mortgage available without this condition.
Is this correct? I can't believe it is!!
The mortgage found by our broker states that we can't occupy the cottage ourselves! We want to be able to stay there at weekends when we haven't managed to find a booking.
When I queried this, I was told there wasn't a holiday let mortgage available without this condition.
Is this correct? I can't believe it is!!
0
Comments
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Have you tried the Leeds Building Society they used to cater for this particular market?0
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We are just in the middle of a holiday let application with Leeds, it's been ok we found 4 or 5 places that did holiday let mortgages and Leeds was the best one for us, the other one that was an alternative for us was Cumberland BS but the interest rate wasn't as good. no restriction on length we can stay in the property as far as I'm aware.0
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Franksonata wrote: »We are remortgaging our holiday let cottage.
The mortgage found by our broker states that we can't occupy the cottage ourselves! We want to be able to stay there at weekends when we haven't managed to find a booking.
When I queried this, I was told there wasn't a holiday let mortgage available without this condition.
Is this correct? I can't believe it is!!
Could you stay there if you were doing some work on it on the weekends?
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It seems fairly unenforceable as a condition - even if the lender found out you were there, they can hardly do anything about it before your weekend has ended!0
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Hmmm and you could get into a debate about the meaning of the word "occupy" in the context of a house (as opposed to a toilet!)
When a letter is sent to the "occupier" it means the person(s) who are normally resident in the property, not a house guest, relative or friend etc that just happens to be there for the weekend.
Slightly irrelevant at the end of the day, as if the situation is like the OP describes, then the term is to all intents and purposes unenforceable.0
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