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Mortgage advice please - holiday lets
xeena
Posts: 135 Forumite
Hi there
My husband and I would be very grateful for any preliminary advice that anyone can give us ???
We're selling our home to buy a holiday let property. The property is a 5 bed cottage and 2 two-bed flats. We would live in one of the flats and rent the rest as holiday lets (which it has been for the last few years).
The property is up for £245k, and after selling ours we only need a mortgage of around £45k to buy it and live for a bit (it's already got bookings for the next year so brings in an immediate income, currently 14k a year, projected £20k+).
Question is... how do we get that mortgage?
Options as far as we can see:
1) Can we get a residential mortgage based on my husband's current salary as we would be living in the property.
2) Can we get a buy to let based on the income.
3) Do I need to get a higher-rate business mortgage.
As its only a 20% mortgage we need I don't think there is a problem getting one, just not sure best way to go. Also, its miles away so my husband wouldn't keep his current job - but they don't need to know that
Hopefully someone will have some ideas or have done something similar? Many thanks, xeena.
My husband and I would be very grateful for any preliminary advice that anyone can give us ???
We're selling our home to buy a holiday let property. The property is a 5 bed cottage and 2 two-bed flats. We would live in one of the flats and rent the rest as holiday lets (which it has been for the last few years).
The property is up for £245k, and after selling ours we only need a mortgage of around £45k to buy it and live for a bit (it's already got bookings for the next year so brings in an immediate income, currently 14k a year, projected £20k+).
Question is... how do we get that mortgage?
Options as far as we can see:
1) Can we get a residential mortgage based on my husband's current salary as we would be living in the property.
2) Can we get a buy to let based on the income.
3) Do I need to get a higher-rate business mortgage.
As its only a 20% mortgage we need I don't think there is a problem getting one, just not sure best way to go. Also, its miles away so my husband wouldn't keep his current job - but they don't need to know that
Hopefully someone will have some ideas or have done something similar? Many thanks, xeena.
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