Holiday Let Mortgages is a trading style of Enhanced Wealth Limited which is an Independent Mortgage Broker. This means that we are free from any outside influences in terms of where we can go to source a mortgage solution.
We specialise in providing mortgage and finance advice to those people who wish to purchase or refinance a holiday home or holiday let property.
This is a very niche area as many lenders will not accept properties that are to be used as holiday lets.
As a specialist in this market, we have a deep understanding of the acceptance criteria used by the lenders that will take holiday let properties as security.
Our mortgage brokers are highly experienced in their field and know which lenders to approach in order to obtain the most suitable finance arrangements for individual clients. Whilst we never work from a restricted list or panel of lenders, please be aware that there are only a small number of companies that will provide finance for properties that will be used for holiday letting purposes.
Holiday homes located in Scotland or those with unusual construction or a section 106 Occupancy Restriction (used as a holiday let or second home only) can all be financed.
For each mortgage we will confirm the costs, fees and type of mortgage package on offer.
There are less options for holiday let mortgages when compared to the buy to let market, but we will do our best to match your request for tracker rates, fixed rates, interest only etc.
If you are happy to accept documentation by email then we will normally send these to you on the same day. This will include the lenders application form and any paperwork or fee requirements.
Typically, we will require:
- Completed lenders application form
- Our signed Terms of Business and broker fee
- Cheque for lenders fee/s
- ID and address documents to comply with Money Laundering rules
- Possibly a letter from a local Letting Agent specializing in the holiday market, confirming the potential rental income
- Pay slips, P60, Accounts
We will begin processing your mortgage application once these have been received. Your adviser will check the application form to ensure all is correct before passing the file to our dedicated admin team. They will then either submit the application electronically or post the pack out to the lender.
Our administrators will continue to monitor and chase the progress of your application until an offer of advance is issued by the lender. This will be checked for accuracy and any errors will be amended.
Commercial finance or Semi Commercial finance
Certain types of mortgage security types or individuals require a bespoke lending solution. As such we are able to agree loans, on an individual basis, through our connections at a number of commercial lenders.
Typically this option is used where the property or land is unusual or where an element of property development, or perhaps multiple properties/dwelling on a single title. In addition, mixed use properties, where the owner will be resident at the “site”, whilst running the out buildings as a business, would fit the commercial category.
Please contact us to discuss your holiday let mortgage requirements or call 0800 840 3111