Tied rented house - want to buy (first time) as holiday let and holiday home, pls help!

Pixie5740

Yes it is possible to obtain consent to let with a residential mortgage but not from the get-go unless it's a special residential mortgage for members of the armed forces.

Speak to a mortgage broker because I highly doubt you will get a residential mortgage for somewhere that will not be your main residence nor is not within a commutable distance from your place of work so you're unlikely to be able to pretend it will be your main residence either.

Someone suggested earlier that you could get a lodger well I don't think that wiukd fly either because this would not be your main home so there's every chance you'd create an AST.

It could well be that you require commercial lending because you want to operate a holiday let. Again this is something a broker could assist you with.

Are you aware of the legislation you will have to comply with to operate a holiday let?

Ubertotty

So you can only get a residential mortgage if you intend to live in the property full time? (Genuine question)


I'll definitely seek the advice of a broker - thank you. Yes thankfully the legislation is something I'm fairly up to speed on but of course I know there's a lot of ducks to get in a row before you can let.

Ubertotty

My post above doesn't make much sense now - it was in response to a judgmental post regarding anyone who considers owning a holiday let property, which has now been deleted.

Davesnave

Ubertotty wrote: »

My post above doesn't make much sense now - it was in response to a judgmental post regarding anyone who considers owning a holiday let property, which has now been deleted.

Looks like there's been some moderation going on.Quite a surprise!

Pixie5740

Ubertotty wrote: »

So you can only get a residential mortgage if you intend to live in the property full time? (Genuine question)


I'll definitely seek the advice of a broker - thank you. Yes thankfully the legislation is something I'm fairly up to speed on but of course I know there's a lot of ducks to get in a row before you can let.

Yes, usually one of the terms of a residential mortgage is that you intend to reside in it.

Margot123

Ubertotty wrote: »

Yes I can understand that. We stayed at the coast at Easter and it was new builds and all of it seemed to be holiday lets!


I'm not tied to new builds. I live in a lovely listed building at the moment. It would just be whatever came up that was right for us, affordable and in a good location.



We're looking at the area around Saltburn and also Northumberland (that seems to be more expensive though) as well as possibly Lytham St Annes on the other side but also open to looking anywhere that's on the coast halfwayish from the midlands to Scotland.

Have you considered somewhere like Seaton Carew or Hartlepool? The prices are much more reasonable.
Saltburn is now considered 'up and coming' and EAs have inflated prices dramatically. As for Northumberland..........Vera has a lot to answer for.

Ubertotty

Thanks for the tip - I'll have a look at those places as well.

marliepanda

Margot123 wrote: »

Have you considered somewhere like Seaton Carew or Hartlepool? The prices are much more reasonable.
Saltburn is now considered 'up and coming' and EAs have inflated prices dramatically. As for Northumberland..........Vera has a lot to answer for.

Hartlepool and Seaton Carew? As a holiday let?!

Wow

MysteryMe

Hartlepool has a nice marina. I enjoyed my visit there.

unforeseen

Margot123 wrote: »

Have you considered somewhere like Seaton Carew or Hartlepool? The prices are much more reasonable.
Saltburn is now considered 'up and coming' and EAs have inflated prices dramatically. As for Northumberland..........Vera has a lot to answer for.

It's not Vera. I spent 10 years there in the forces. It was a prime retirement area back in the 90s & 00s when I was there hence the high prices. With the demise of coal mining even Ashington prices started climbing.