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 …
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.
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.
We see many coastal and rural locations come through from Scotland to Cornwall – the demand is judged by asking a good estate agent
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.
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