It is all too easy now to get mortgage and finance information from the Internet. Mortgage deals and rates are all online with some allowing you to apply there and then.
So if you need a mortgage for your holiday let property should you do it yourself?
Holiday let mortgages differ from buy to let mortgages in a number of ways:
- The rent is not calculated on an Assured Shorthold Tenancy (AST) basis
- Very few holiday let mortgages are on a self cert or non status basis, you need to prove your income
- Most buy to let lenders will not lend if there is no AST in place
- A large number of holiday let properties have restrictions on how the property may be used, many lenders do not like these types of restrictions.
- There are only a small number of mortgage lenders operating in the holiday let market
As the UK’s premier holiday let mortgage broker we are all too familiar with these differences. The area of holiday home mortgages is quite small and certainly a niche. We have a huge amount of experience in arranging mortgages for holiday homes and holiday let properties, even those with an unusual construction.
By using the services of a specialist broker who knows about holiday let mortgages you will save a huge amount of time and effort. All too often we have been approached by clients who have applied elsewhere, sometimes with the help of a broker, only to find at the last minute that the mortgage is not suitable.
We ask the right questions so we can provide the right mortgage.
You also need to ensure that the right type of holiday let insurance is in place. A standard home policy or even a landlord policy won’t necessarily provide the cover you and your guests need.