Which type of mortgage?

ec81

Hi, I'm just after some simple advice on the potential issues with having the incorrect type of mortgage on a property.
My husband and I have been saving for years to buy a holiday cottage with the intention of letting it out through a holiday letting agency to cover costs when we're not using it. We ultimately plan to retire to the property in around 30 years (or less, fingers crossed).
We've found a property we both love, but it needs a hell of a lot of work. There are damp issues, poorly built single-skin extensions, woodworm infestations on top of the general upgrading and decorating that's needed. Don't get me wrong, the place is still standing. It'd just be a miserable place to be in during the cold months.
However, we're prepared for this, we have the funds available for the work that's needed. We have enough to cover a 40% deposit with around £50k left over for the renovations. On top of this, the mortgage costs will be completely affordable for us, and we are able to prove this from our outgoings and savings plans.
BUT... the mortgage adviser my husband has found doesn't seem to be particularly great with advice. She has told us that we may not be able to get a holiday let mortgage because lenders like people to be on a minimum joint £80k income for this... we fall short of that by quite a margin.
So we start discussing buy to let mortgages. It wasn't our original plan, but if we still get the house we love and hope to retire to, we can cope with not holidaying there for a while. She has since come back to us to say that because of the amount of work required we may be refused a buy to let mortgage because the property isn't instantly "lettable".
My thoughts now are, what difference does it all make? Is there any reason why we cant apply for a "regular" mortgage, for say 2 years, to let us get the place, do it up and get it running as a holiday let, and then apply for the "correct" mortgage once everything is sorted?

amnblog

Buy to Let or Holiday Let seems irrelevant as you describe a property that is probably not mortgageable in its present condition.

If you do not have the cash to buy it, you may need to take specialist short term lending to get it to the position where it is suitable security for what you term a regular mortgage.

enthusiasticsaver

You won't get a mortgage on a property which is not suitable for habitation. No lender will consider it viable as security. The only way you could do it is to possibly use your current property as security should it have sufficient equity.

ACG

Holiday let income does not need to be £80k or even remotely close to that.

You will need a bridging loan of some description to purchase the property and renovate it. You should then be able to get a holiday let Mortgage (assuming you fit criteria and the rent stacks up). You may be able to get a BTL but if the intention is to let it out on a holiday let basis then you would not be eligible for a BTL mortgage.

It is probably worth speaking to a different broker.