YOUR HOLIDAY LET MORTGAGE broker

Since 2006 Drake Mortgages has been the UK’s leading specialist broker for buy to holiday let mortgages and holiday home finance.

UPDATE AUGUST 2020

The mortgage market at the moment is very changeable. Lenders are coming in and out of the market at short notice with alterations to the products and criteria.

Please call us on 020 8301 7930 for the latest information.

YOUR HOLIDAY LET MORTGAGE BROKER

Since 2006 Drake Mortgages has been the UK’s leading specialist broker for buy to holiday let mortgages and holiday home finance.

UPDATE AUGUST 2020

The mortgage market at the moment is very changeable. Lenders are coming in and out of the market at short notice with alterations to the products and criteria.

Please call us on 020 8301 7930 for the latest information.

holiday letting mortgage specialist

We are the UK’s leading finance broker for holiday let mortgage advice

PURCHASE

We can source mortgages upto 75% of the property value for purchases. The mortgage offered is based upon the purchase price/valuation and also the potential rental income.

REMORTGAGE

Holiday let remortgages are generally quite straightforward with loans available upto 75% LTV. Our advisers and their support team will assist with the paperwork and ongoing work.

DEVELOP

If you wish to develop a property into a holiday let then we can help. This type of finance is generally needed where the property cannot be used and let out immediately.

MIXED AND MULTI-UNIT HOLIDAY LETS

These types of holiday let projects are very interesting to work on and are not easily accepted by the mainstream lenders.

Fortunately, we have a lot of experience assisting clients with them.

There’s no set structure for these but often the situations include multiple units, outbuildings, annexes, flats and an owner that wishes to live on site. If your holiday let includes any of these please call us on 020 8301 7930 to speak with an experienced adviser.

The right advice

Holiday let mortgages are more difficult to arrange than normal mortgages and are also very different from standard buy to let mortgage schemes. In fact you cannot use a buy to let mortgage on a property used for holiday lettings. The main reasons are that there is no AST and the holiday rental income cannot be calculated using normal criteria. You will also find some holiday let properties have a usage restriction at the Local Authority.

However, as an independent mortgage broker specialising in UK holiday home mortgages we are able to arrange finance at competitive terms with the morgage based on the holiday property’s rental income. We also have a number of exclusive mortgage products available upto 75% LTV (loan to value). Our in depth knowledge will guide you through the lending criteria and best rates from the UK’s specialist lenders in this market.

Holiday lettings is recognised as a business (generating earned income) by the Inland Revenue, unlike other forms of property letting (such as buy to let) which the Inland Revenue class as investment income (unearned income). There are some valuable tax incentives for letting your property as a holiday home, but there are some specific Inland Revenue rules which you must follow to qualify.

If you would like to discuss buy to holiday let mortgages, buy to holiday let or holiday home mortgages then please call us on 020 8301 7930 or complete our online enquiry form.

Holiday Let Mortgages

For more information and some example case studies, please visit our dedicated Holiday Let Mortgages website at

www.holidayletmortgages.co.uk