Removing holiday let planning permission

Dillon141

I have heard that HolidayLetMortgages.co.uk do offer mortgages for holiday lets.

Does anyone know of others who offer competitive deals? Or know of any comparison websites for holiday let mortgages?

Dillon141

Dillon141 said:

I have heard that HolidayLetMortgages.co.uk do offer mortgages for holiday lets.

Does anyone know of others who offer competitive deals? Or know of any comparison websites for holiday let mortgages?

HolidayCottageMortgages.co.uk I meant.

Dillon141

Ozzuk said:

Dillon141 said:

Ozzuk said:

I did this a few years ago - turned a number of holiday lets into residential.  I don't know if process is the same now (this was Wales) but a few things:  you'd likely have to purchse the property with a commercial mortgage (though there are specialist holiday mortgages available now) typically with lower LTV (you need more deposit).  We even needed a business case.
We bought then applied for change of use to residential.  Our new neighbours supplied a letter of support (increased privacy/reduced traffic etc) but that probably didn't do much (but didn't hurt).  The council made us offer the property to the local community in case they wanted to take it on (they didn't) and we had to show figures that viability was reducing.
It went through, it was then a simple process to register the new house names with the post office.

Do you mind me asking if this was in North Wales?

What do you mean they made you offer the property to the local community? 

So you had to show that economically, as a business/holiday let it was not viable? That is, was not making enough money? Was this the case anyway or did you tweak things somehow to reduce bookings (for example charge more to scare some bookings off).

Thank you.

South Wales.  We had to get in touch with the local community council to see if they wanted to take it on (purchase it), no idea what the council had in mind, but some rule about not depriving the community.  I can't remember what we did with the figures, they were okay so perhaps we did 'massage' them.

It looks like, after more investigation, that this may be the path I would need to take to get rid of the holiday let clause on the property. That is, show that it is unviable... do you mind me asking if you have more information at all regarding the way you approached this? 

The figures on the holiday let currently DO give a footing to say that the property does not make enough to justify it as a business. 

My only worry is how it will perform the next year or two. With Covid the figures could well be down, but then again the massive demand when lockdown lifts could give rise to a huge rush in demand and therefore hight gross let income.

Picking your brains regarding this may help me a lot!