Mortgages for Holiday Homes
Mortgage Service For Holiday Homes
Special features of what we offer include:
- Advice on your options on raising finance for a second home
- Whole of market service - we work with a wide range of UK lenders
- Access to leading market mortgage rates
- Access to exclusive loan deals not available on high street
- Fast turnaround - speak to us today if you need to move quickly
To investigate your mortgage options if you are considering buying holiday home call our mortgage team on 0117 313 7780 or fill in our call back form.
Why Choose Us?
As your mortgage is such an important transaction, good advice is imperative.
Mortgage For Holiday Homes - What you need to know
The type of mortgage deal you will need when buying a holiday home depends on whether you want to use the property exclusively as a second home for your own use, or whether you want to be able to rent it out to other holidaymakers while you are not using it.
If you plan to only use the property yourself, rather than letting it out, you may be able to get an ordinary residential mortgage for your holiday home, or finance the purchase of the holiday home by remortgaging your current property. However, if you want to be able to rent out holiday home you will need a specialised mortgage in order to do so.
Getting specialist mortgages for holiday homes
Many people who purchase a holiday home finance some of the upkeep of the property by renting it out for other travellers while they themselves are not using the property. Having a rental income for much of the year could allow you to own a holiday property that you might otherwise not be able to afford. However, there are few points that you will need to bear in mind before you start, including:
- If you intend to rent out your holiday home to members of the public at any point, even if just for short period during the year, you must have the correct type of holiday let mortgage in order to legally do so
- If you are relying on rental income as a major aspect of affordability, it’s essential to make sure that you can demonstrate the potential for a healthy, steady rental income.
- Bear in mind that a holiday home mortgage is only one aspect you need to budget for – if you plan to let out your holiday home, you will also need to factor in costs such as insurance, service charges (if you own an apartment), maintenance, costs of marketing the property, and if applicable the cost of employing a local housekeeper or property manager.
If you are unsure about what mortgage product is suitable for you call us on 0117 313 7780 or Request callback.