Mixed and Multi-Unit Holiday Lets
We are often asked whether it is possible to organise mixed use Holiday Let Mortgages, that’s where the owner lives in part of the property and rents out other parts as holiday lets.
Mixed use holiday lets are infinitely variable in terms of applicants, property and loan servicing structure.
They can include property situations consisting of a main home for the owners’ use and an annex, attached or not, that can be used as a Holiday Let, but is not currently being used as such. Or the reverse!
At the other end of the scale, the property might consist of a flat where the owners can live and five converted outbuildings which are an existing holiday let business, with a strong set of accounts compiled by a qualified Accountant.
Products that can cater for mixed use Holiday let situations are not to be found on computerised sourcing systems due to the flexible underwriting and loan structure required. “Tick box” underwriting that is used for most buy to let lending just doesn’t fit mixed use holiday let lending needs.
Each application is considered on its merits and the way this type of lending is underwritten depends on the whole picture, but because the property will be the applicant’s home the lender would want to be pretty sure that they are going to be able to hang on to it!
Because mixed use holiday let mortgage situations are so varied, we are unable to include hard and fast criteria on this page for you………as there is none.