Holiday let business mortgage

Strandedfish

I’d like to buy a property that has multiple houses on it to let out. It is already running as a successful business doing holiday lets. I’ve approached a number of brokers, but have been told this business must be treated as an ordinary mortgage based on my income, not the business success. Any suggestions how I can get a loan/mortgage based on the evidence that the business can pay? I’d hoped I could offer a business plan and this would suffice, but apparently not.

ACG

Multiple houses on one deed as a holiday let would probably need to be a commercial mortgage. 
They would probably use the rental income but if that did not stack up then you might struggle. 

Commercial mortgages are not my strong point, but off the top of my head I reckon you would need a 30-35% deposit. 

K_S

Strandedfish said:

I’d like to buy a property that has multiple houses on it to let out. It is already running as a successful business doing holiday lets. I’ve approached a number of brokers, but have been told this business must be treated as an ordinary mortgage based on my income, not the business success. Any suggestions how I can get a loan/mortgage based on the evidence that the business can pay? I’d hoped I could offer a business plan and this would suffice, but apparently not.

@strandedfish You've probably spoken to the wrong kind of broker. If it's a successful holiday-let business with multiple properties, as ACG said there should be commercial mortgage options available to buy the business though you will most likely need a large deposit.

If you Google commercial mortgage or commercial mortgage broker and speak to a couple of brokers, they'll quickly be able to tell you if there's any mileage in your enquiry or not. This is unregulated territory and these guys are pretty good at giving you straight answers, they won't waste their time or yours.

Typically they'll also have access to holiday-let mortgage providers so if the business qualifies for that kind of mortgage, that might be an option as well.