Buy-To-Let, Regular Mortgage or Bridging loan?

RiPsTa

We have been looking for a 2nd property for a long time that we would like to use as a holiday home but possibly AirBnB when we are not using it. We found a property which needs some renovation to bring it up to a good standard and have had an offer accepted on it for £145k.
We aim to renovate the property over 4-6 months and also change it from a 2 bedroom to a 3 bedroom which all in should cost us around £30k.
We have borrowed £50k from our current property equity which we were going to use for the deposit/renovation but we are just a little confused as to what mortgage would be the best route for us as we spoke to a mortgage broker who told us we could not use a buy to let mortgage while renovating the house and we would have to use a bridging loan.
I know that some mortgage lenders now allow short term lets such as Airbnb but only for limited periods which would allow us to use the 10% deposit, complete the reno and then recover some of the costs through Airbnb.
The broker who advised the bridging loan suggested using a buy-to-let as the exit plan but surely that would mean paying 25% deposit which we will have mostly spent on the house.

Regular mortgage - 10% deposit £14.5k plus fees (solicitors etc) and the reno £30k

Buy-To-Let Mortgage - 25% deposit £36.25k plus fees leaves very little for the reno

Any advice would be gratefully accepted and appreciated as i am currently spinning in circles to the point my head is about to fall off

Hoenir

RiPsTa said:

 we spoke to a mortgage broker who told us we could not use a buy to let mortgage while renovating the house and we would have to use a bridging loan.

What was the reasoning given to you ? 

End of the day this is going to be a let property not a residential one. So your choce of options is constrained. 

RiPsTa

Hoenir said:

RiPsTa said:

 we spoke to a mortgage broker who told us we could not use a buy to let mortgage while renovating the house and we would have to use a bridging loan.

What was the reasoning given to you ? 

End of the day this is going to be a let property not a residential one. So your choce of options is constrained. 

That a buy to let mortgage would expect to be ready to be rented from day 1 

PropertyGuru_Wannabe

Legally You would need either a bridging loan or a renovation mortgage to be converted back to a buy to let mortgage after renovation period.

housebuyer143

RiPsTa said:

Hoenir said:

RiPsTa said:

 we spoke to a mortgage broker who told us we could not use a buy to let mortgage while renovating the house and we would have to use a bridging loan.

What was the reasoning given to you ? 

End of the day this is going to be a let property not a residential one. So your choce of options is constrained. 

That a buy to let mortgage would expect to be ready to be rented from day 1 

Your broker is correct. If it's not ready for let on the day of the valuation, then the bank will not give you a BTL mortgage. 
You can get renovation mortgages, with places with CHL but they are not cheap. 
I fail to see how you can get a residential mortgage on it if you plan to rent it out as an Airbnb or a BTL. You will need a holiday let mortgage. If you are planning to use it, then you can't possibly be renting it on an AST basis, which is the requirement for a BTL mortgage, so I don't believe this is the route you would need to take. 

Where you are currently... You need a bridging loan or a renovation mortgage.