What are let holiday mortgages?
by Sean Horton
Let holiday mortgages are designed for people who are buying a holiday home that they also wish to let. These types of mortgages can differ in terms and conditions quite wildly from traditional residential mortgages and buy-to-let mortgages, so you should always seek specialist advice to ensure that you get the mortgage that is suitable.
There are lots of benefits to buying a let holiday home. Many people see the property as a pure investment while others see it as a home-from-home where they can enjoy their holidays in a place that pays for itself when they are not there!
Also, many people are now investing in holiday let properties for their future - by purchasing their ideal retirement home now, when they come to retire, they could possibly own it outright!
And with warmer and longer summers in the UK and people generally being more 'green' and therefore avoiding flying because of carbon footprints, the demand for UK holiday homes has definitely increased.
With the rental income on a property for a week in a desirable area raking in around ?600, you can easily keep the mortgage repayments covered providing you have a steady stream of tenants.
So, it is certainly exciting times for anyone looking to buy a holiday home. As the concept has become more appealing to people recently, there has been a greater demand for suitable mortgages, which means there are a good variety to choose from in the marketplace.
If you are considering a let holiday mortgage, then do note that most lenders will require you to use equity from your current home for a percentage of the value. However, some will allow you to take a standard mortgage providing that you have proof that your own personal income can meet the monthly repayment on the mortgage comfortably.
Getting a let holiday mortgage can be confusing, but as long as you investigate the market and seek specialist advice, you could soon be enjoying your very own money-making home in the Sun!
Betta Fish Care
Breeding Betta Fish
Discus Fish Care
Keeping Discus Fish
Breeding Discus Fish
Dragon Tattoo Designs
Tribal Tattoo Designs
Japanese Tattoo Designs
Let holiday mortgages are designed for people who are buying a holiday home that they also wish to let. These types of mortgages can differ in terms and conditions quite wildly from traditional residential mortgages and buy-to-let mortgages, so you should always seek specialist advice to ensure that you get the mortgage that is suitable.
There are lots of benefits to buying a let holiday home. Many people see the property as a pure investment while others see it as a home-from-home where they can enjoy their holidays in a place that pays for itself when they are not there!
Also, many people are now investing in holiday let properties for their future - by purchasing their ideal retirement home now, when they come to retire, they could possibly own it outright!
And with warmer and longer summers in the UK and people generally being more 'green' and therefore avoiding flying because of carbon footprints, the demand for UK holiday homes has definitely increased.
With the rental income on a property for a week in a desirable area raking in around ?600, you can easily keep the mortgage repayments covered providing you have a steady stream of tenants.
So, it is certainly exciting times for anyone looking to buy a holiday home. As the concept has become more appealing to people recently, there has been a greater demand for suitable mortgages, which means there are a good variety to choose from in the marketplace.
If you are considering a let holiday mortgage, then do note that most lenders will require you to use equity from your current home for a percentage of the value. However, some will allow you to take a standard mortgage providing that you have proof that your own personal income can meet the monthly repayment on the mortgage comfortably.
Getting a let holiday mortgage can be confusing, but as long as you investigate the market and seek specialist advice, you could soon be enjoying your very own money-making home in the Sun!
Betta Fish Care
Breeding Betta Fish
Discus Fish Care
Keeping Discus Fish
Breeding Discus Fish
Dragon Tattoo Designs
Tribal Tattoo Designs
Japanese Tattoo Designs
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