Articles:
Holidayhomes in all shapes and sizes
SB May 2007
Not all holiday homes are ordinary villas or
cottages. Holiday homes come in all shapes and
sizes. They can be barns, converted mills,
lighthouses, former chapels, churches or post
offices.
You may well find a property like this very
attractive. So what are your chances of getting
a
holiday home mortgage on something
that’s a bit out of the ordinary?
It is true that some lenders are reluctant to
lend on very unusual properties. But there is
an increasing number who will give it serious
consideration, subject to a number of factors.
If you are keen to find a
holiday home mortgage on an unusual
property, your first step should be to talk to
an independent mortgage broker, who will be able
to point you in the direction of one of these
lenders.
The lender will then ask a valuer to assess the
property and provide an initial opinion. They
will consider whether it is a property with
reasonable appeal, or whether it is so
“eccentric” that it would only appeal to a very
few people.
Other questions the lender will ask are:
Is it likely to have resale value?
Do you have sufficient funds at your disposal to
deal with unforeseen problems?
Is the property in keeping with its immediate
environment?
Is it constructed to a satisfactory standard?
Are you considering a conversion project? Id
so, will it be professionally supervised and not
a DIY affair?
If the lender is satisfied on these points,
there is a good chance of your obtaining a
holiday home morgages for up to 75 per cent
of the purchase price.
So if you have fallen in love with an old mill,
lighthouse
or a village post office for your holiday home,
and you have so far been unsuccessful in finding
a holiday home mortgage, don’t despair. Talk to
your mortgage broker who may well be
able to find you a lender who will consider your
purchase.
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