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Holiday Let Mortgages

Holiday Let Mortgages

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        • Holiday Let Mortgage Broker

          We have been specialising in holiday let mortgages since 2006 and have accumulated a deep understanding of all types of holiday let finance.

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        • Holiday Let Mortgages is an Independent Mortgage Broker specialising since 2006 in mortgages for holiday let properties.

          This means that we are free from any outside influences in terms of where we can go to get you the best mortgage rates and deals available.

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Specialist INDEPENDENT mortgage brokers – ☎ 020 8301 7931

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        • HOLIDAY LET GUIDES

          We have a lot of resources to help you with your holiday let. There are quite a few guides plus many articles on how we can help people successfully invest in a holiday let property.

        • Holiday Let Mortgage Guide
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        • HOLIDAY LET ARTICLES & CASE STUDIES

          There is lots of useful information in our article and case study sections. Built up over many years we share new developments in lending attitude and also client case studies for the more difficult holiday lets!

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Can we borrow more than £500,000?

You are here: Home / Q&A / Can we borrow more than £500,000?

Q

I have a question, but it’s probably best that we give you some background in terms of our problem.

We have found a property in Devon that would make an ideal holiday let property. It’s a single dwelling, just a large house with an acre of land; nothing unusual at all. Located in the South Hams, it’s on the market at offers over £1M.

My wife has recently inherited circa £600K. £500K of this can be used towards the purchase of the holiday let. My wife and I thought that, as we are providing such a large deposit and will be borrowing around 50% of the property’s value, obtaining a mortgage would be plain sailing.

We were wrong.

Having made enquiries with a number of lenders we found that seemed to lend on holiday let businesses, it seems that they all set a maximum loan size of £500,000?

Our question is simple, can we obtain a loan of £500K or more on our start-up holiday let business?

Best, Lloyd

A

The answer to your question is yes.

Whilst the majority of lenders in this market set a £500,000 maximum loan for holiday lets, there is a lender which specialises in mortgages for single unit holiday let properties, small holiday let complexes and entire holiday let sites, that will lend more. They have underwriters with years of experience in the tourism sector and will lend up to around £1 million, at 60% LTV on a start-up holiday let, using projected holiday let rental.

If you would like to take your question to the next stage, please call our office and speak to one of our holiday let advisers.

Category: Q&ATag: holiday let mortgage, maximum mortgage

Let’s work together

Get in touch with us and send some basic info about your project.

Get in touch!

CONTACT US

Holiday Let Mortgages

1st Floor, 140 Long Lane
BEXLEYHEATH
DA7 5AH

T 020 8301 7931
E mortgages@holidayletmortgages.co.uk

QUICK LINKS

Holiday let mortgage guide

Guide to UK holiday lets

Holiday let mortgage criteria

Holiday let articles

Holiday let tax

WE LIKE TO TALK

Please contact us whether you have found a property or project that needs financing or you are just in the early stages of forming a plan.

It’s often an advantage to discuss the financial side of a deal before everything has been agreed. So please call us on 020 8301 7931 and tell us your holiday let ideas.

Copyright © 2020 · Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Broker fees may apply. Written details on request. All loans subject to status. Think carefully before securing other debts against your home. The Financial Conduct Authority does not regulate holiday let mortgages. Holiday Let Mortgages is a trading style of Drake Mortgages Limited and this website is owned and operated by Drake Mortgages Limited who are authorised and regulated by the Financial Conduct Authority FCA Register No 207532 | Privacy | Terms