 Furnished
holiday let
A furnished holiday let (FHL) is recognised by
the Inland Revenue and qualifies for certain tax
benefits and special rules. You have to make
sure that your property adheres to these rules
so that it continues to quality as a furnished
holiday let. So it is how the property is used
and not what the property is that determines
this.
A mortgage that is secured on a
furnished
holiday let property is known as a
holiday let mortgage. Until recently,
finance for holiday lets would have been only
available on a commercial basis. This meant that
the loan would have been expensive to arrange
with interest rates and fees higher than normal
mortgages. Now a wide
range of mortgage options are available on a
holiday let basis on very favourable terms. More
and more lenders are realising that this is a
stable and growing market.
Holiday lets are different to second holiday
homes in that they are designed to be regularly
let out rather than being used as a second
property and weekend retreat.
|
