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Holiday Let Mortgages Can Be A Minefield
By Sean Horton
Holiday let mortgages aren't like the traditional mortgage which you took out on you home, they are more confusing. Different factors have to be taken into account and they are harder to arrange. The criteria for the holiday let mortgage is different also and is based on the percentage of what the rent for the holiday let will bring in. If the lender doesn't think that you will be able to bring in a certain amount of rent, which should be enough to cover the mortgage and associated running costs, then they aren't going to ok the loan.
There are certain conditions which will also have to be met even for your property to be called a holiday let. For instance, the property must be classed as being fully furnished, you must have it available for letting for a period of at least 140 days out of the year and actually be able to let it for at the very least 70 days out of any one year. Along with this the property must also be in the UK and you cannot class letting the property out cheaply to friends and family, it must be full commercial rent.
As there are so many factors and conditions which must be taken into account it is imperative that you go with a specialist in holiday let mortgages and allow them to shop around for the best deal and cheapest rates of interest for the mortgage on your behalf. The interest rates can vary considerably from lender to lender and unless you have the knowledge of where to look online for yourself then you could spend considerable time trying to find the best mortgage and in the end payout far more than you would have done if you had put it in the hands of a specialist.
Sean Horton is a Director of Enhanced Wealth, a whole of market mortgage broker and IFA specialising in the provision of holiday let mortgages, income protection, and mortgage protection.
Article Source: http://EzineArticles.com/?expert=Sean_Horton
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