HOLIDAY LETS
We have been working with some clients whose plans and dreams are to buy and own a property, for the purposes of renting it out on a seasonal basis. As the appetite for this type of property transaction grows, we have worked side by side discussing these types of scenarios with the following mortgage lenders …
- Mansfield Building Society
- Foundation Home Loans
- Ipswich Building Society
- Swansea Building Society
- Leeds Building Society
- Principality Building Society
- Tipton Building Society
- Dudley Building Society
- Vernon Building Society
- Harpenden Building Society
- Furness Building Society
- Market Harborough Building Society
What criteria do I typically need for this?
Typically, you need to own your own main residence and earn some income in the region of £30,000 plus to form part of a sustainable transaction. The range of criteria does vary, and it is a case-by-case basis with these types of transaction – so come discuss the situation you are thinking about.
What is a Holiday Let?
Typically, you need to own your own main residence and earn some income in the region of £30,000 plus to form part of a sustainable transaction. The range of criteria does vary, and it is a case-by-case basis with these types of transaction – so come discuss the situation you are thinking about.
Where is best for Holiday Let properties?
We see many coastal and rural locations come through from Scotland to Cornwall – the demand is judged by asking a good estate agent
Are there types of properties that can and cannot be accepted by some lenders?
Yes always. We must check the property type with the lender, and you will need an agent to formally value the rental income via an ARLA letter typically. We have some lenders who will use the traditional rental income amount to work from – so definitely worth a discussion.