Holiday rental property help

JohnnyFlame

Hi,

we would like some help regarding the best way to set up a holiday rental business. Currently, we have a home property with no mortgage, which is worth about £350K (but no rental potential). We also have some savings which we could put towards a business.

If we wanted to purchase a bigger place with rental potential, could we use something like a "homeowner business loan" to keep our current home (and rent out) and then buy somewhere with rental potential?

Anyone have any experience? Any gotchas / recommendations etc?

TIA..

Savvy_Sue

Recommendation: find an accountant with experience in holiday rentals, set out your position to them and allow them to ask all the 'What If' questions, and to point out to you all the pitfalls. I'd say it was particularly important to get 'proper', tailored advice, in view of one of your other posts about pensions. 

If anyone here has experience of holiday rentals, I'm sure they'll chip in, and I know people often want to become as well informed as possible before paying for advice, but this really isn't an easy ask.