What’s the difference between buy to let mortgages and holiday let mortgages?
The main differences between these two are in how the lender calculates the loan size and how they expect the property to be used.
The mortgage choices for repayment method and interest rate are the same.
These allow you to purchase a residential property with the aim of letting it to paying guests on a short term basis. They do not allow anyone to occupy the property and use it as their main residence. The lender looks at the holiday rental income over the low, mid and high seasons to calculate the maximum loan.
These also allow you to purchase a residential property but letting needs to be via an Assured Shorthold Tenancy (AST) where the tenants stay longer term. It will not allow holiday lets. The loan amount is determined by the AST income.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.