Holiday let mortgages can be hard to arrange and are generally excluded from standard buy-to-let mortgage schemes. Many finance lenders will not lend on a property that will be used and let out as a holiday home. Fortunately, we know the lenders that do like holiday let mortgages and second property mortgages.
Holiday Letting is deemed a commercial enterprise. HMRC take this view and this can only be a good thing (see Tax Guide)
Loans secured on Holiday Let properties sit awkwardly between two stools – a loan supporting a business but secured on a residential property. At Holiday Let Mortgages we have many years’ experience in arranging holiday let finance, in most cases at non-commercial rates (subject to status). See below for an idea of what is possible, then when you are ready, call one of our advisers for an in depth discussion.
- purchases and re-mortgages of holiday let properties up to a maximum loan to value of 75%, including new build flats
- purchases of second homes with limited holiday letting use to 85% LTV
- limited company holiday let (trading company or SPV)
- first time buyer loans available
- max loan size (subjects to limits above) assessed on rental income or a combination of rental and personal income
- non-traditional construction available. Minimum value £150,000
- properties in Scotland
- multiple self -contained holiday lets on a single title
- mixed use/multiple unit holiday lets, where the owner is resident
- holiday let development/conversion and bridging finance
- capital raising on a first or second charge basis available
Please contact us to discuss your holiday let mortgage requirements or call 0800 840 3111