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Securing your holiday let mortgage

In the changing property market, the distinctions between holiday let and traditional Buy-to-Let properties have become increasingly significant, particularly in terms of policies and mortgages. Holiday let properties, often nestled in tourist hotspots or picturesque locales, differ substantially from standard Buy-to-Let’s in their usage and revenue potential, prompting unique considerations for both landlords and lenders.

One key difference lies in the occupancy patterns. Holiday lets are designed for short-term stays, catering to those seeking a temporary home away from home. This diverges from the longer-term tenancies associated with traditional Buy-to-Let’s.

Mortgages for holiday lets are assessed differently compared to a standard Buy-To-Let mortgage. Lenders acknowledge the seasonal nature of holiday lets and will assess affordability based on an average of the expected low, medium, and high rental rates.

Securing a specialist holiday let mortgage can be tricky, and seeking the guidance of an experienced mortgage broker is vital.

Holiday lets can be purchased in an individual’s name or via a Limited Company set up to hold properties. An experienced mortgage broker can navigate the landscape of lenders. Importantly, they have access to exclusive deals and terms that may not be readily available to the public. Additionally, a mortgage broker provides a crucial link between you and the lender, streamlining the application process and offering clarity on documentation requirements.

Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

If you would like to discuss your mortgage requirements, please contact Travis Alcott on 01270 620555 or who would be delighted to help.

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