Articles: Holiday homes that are different SB May 2007

Not all holiday homes are conventional cottages, villas or apartments.  The term “holiday home” can cover a range of types of accommodation.  Some of these are not only less expensive, but often seem more attractive.  The question is will they attract a holiday home mortgage?

Log houses or cabins.  Log houses or cabins are becoming more and more popular, as people are recognising that they make delightful holiday homes.  They are less expensive than conventional homes and are often located in some of the most picturesque parts of the country.  Solid wood stores thermal energy and so the insulation properties of a log house are excellent.  So if you want a holiday home for year-round use, a holiday lodge log cabin could actually be preferable as there are fewer problems with damp and cold in the winter.  And fire risk is no greater than for a conventional home, as they have to be built to very strict safety standards.  Traditionally, lenders have been reluctant to lend on log cabins.  So it could be a good prospect for your holiday home mortgage – talk to your broker to find a lender who will accept this type of property.
 

Houseboats.  Living or staying on a houseboat is a dream for many people.  Few things are more delightful than waking up to hear the water lapping at the side of the boat.  Many people do have houseboats as holiday homes, but alas you cannot easily have a holiday home mortgage on your houseboat.  You may be able to release some equity from your main property to finance your purchase.  Otherwise you will need to take out a personal loan, either unsecured, or secured on your main home.
 

Mobile homes.  There has been a tendency to regard mobile homes as sub-standard first homes for people who can’t get a foot on the property ladder.  However many people find they also make delightful holiday homes.  They cost much less than a thatched cottage in Devon, yet are often located in lovely parts of the country.  Normally, lenders don’t provide mortgages on mobile homes.  But some “mobile” homes are not actually mobile.  If it is an “immobile” mobile home, and you are also buying the land on which it is situated, you do have a chance of obtaining a holiday home mortgage from a few lenders.  Talk to your broker to find a lender who may be interested.

Lighthouses. There are several hundred lighthouses dotted around the UK. Many are still in use but many are being decommissioned a sold off. A lighthouse would make a delightful character holiday let property. Due to their robust construction most lighthouses are suitable for holiday let mortgages. However, location also pays a big part and those that are very close to the sea or cliffs may be more difficult due to costal erosion problems.
 

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