Mortgage needed for holiday lets.

Piel

Hi, I’m looking for a mortgage to buy a property to use as holiday lets, whilst living in an ‘owners annex’.

I am hoping to sell my own house (mortgage-free) to use as a deposit, and cover fees & refurbishment to new property. I’m thinking of a £75,000 to £80,000 deposit on a £200,000 to £220,000 house.

The new property has the relevant permission to be used as short term holiday flats. And it has an attached 3 bed annex (with access to the main house)which I hope to live in. It’s located in Fleetwood. The current owner is elderly with health problems, so doesn’t bother letting out rooms.

I can’t have a BTL mortgage if I’m living there. The Leeds BS website claim they specialise in these types of mortgages, but when I phoned, they said I can only live there for a few weeks?!
I don’t think I will be able to afford a residential mortgage as my income is only £23,000.

If anyone knows where I can find a suitable mortgage or can offer advice, I’d be very happy.

foxy-stoat

Try a broker - they may be able to place it or crush your dreams but either way you will know for certain very quickly.

butterflybook

you need a broker - The Leeds also generally will not grant a holiday let mortgage unless there is a history of the property being used as a holiday let previously