Holiday homes are a fantastic way for people living in busy cities with hectic lives to escape to the countryside and enjoy a relaxing weekend or break in a beautiful holiday home. The popularity of holidaying in the UK has risen sharply over the past couple of years, with more and more people deciding to stay in the UK rather than flying off abroad. This rise in popularity has created a very competitive holiday let market. More and more holiday let’s are appearing all over the UK which offers a wide range of experiences for people of all walks and interests.
The increase in popularity of the UK holiday home market has prompted more people to invest in purchasing a holiday home. They will then offer their newly acquired holiday home for rent to people looking to take a break within the UK. The amount of rent a landlord can obtain from a tenant is dependant on numerous factors such as the quality of the holiday home and if it is located in a desired location which can command a higher price for potential visitors. During peak times a quality holiday home set in a desirable location can be rented out for as much as £600 per week.
As with most purchased properties, a holiday home will require a mortgage. Finding the right holiday let mortgage is essential so that it fits the property owner’s exact needs and financial situation. Usually holiday let mortgages are evaluated based largely upon the amount of income the property is likely to generate and less so on the owner’s personal financial income and situation, although current liabilities such as active loans and other mortgages in their name is taken into consideration. Shopping around for the perfect holiday buy to let mortgage is essential, people are even turning to specialist holiday let mortgage brokers who can assist property owners with finding the best mortgage deals.
There is no doubting the potential of the holiday let market in the UK in providing investors with extra long term income. It has to be remembered however that there are certain tax laws which may apply to certain holiday homes. If you are looking to invest in a holiday home, it is essential to carry out extensive research regarding the potential income, the state of the house as any redevelopments will eat into your budget and of course before you purchase look into the possibility of obtaining a holiday let mortgage that will suit.
Visit our dedicated website for holiday let mortgages at http://www.holidayletmortgages.co.uk/