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  • Mortgages & Finance

    Holiday let or HMO finance?

    Struggling here...

    Based on enquiries for my HMO, I am looking to provide short-term accommodation for contractors (they will likely have a wife & kids somewhere else) - likely stay around 2-3 months. However, they wouldn't have exclusive use of the property (4 rooms)

    I'm struggling to get finance for HMO in limited company (& personal name as in NI). All HMOs need a licence here.

    Leeds seem to be only Holiday Let mortgage provider in NI - could what I'm trying to do be defined as a holiday let? would this actually work? I'm looking online for guidance but I can't find a definitive answer

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    I have a similar question.    I have seen a block of six self contained bedsits  in a coastal resort.  They are let as all year round holiday homes - one week and two week lets.

    If I wanted to finance a purchase via  a limited company, would this be as a HMO type mortgage or as a commercial loan?  What sort of deposit would be required?

    Thanks in advance.


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    @jowo - No, a Holiday Let is the maily exclusive use of the unit with a period of occupation of a few weeks. You are looking for HMO Mortgage if Contractors are going to be there for a month or two. The issue is Northern Ireland, your options there are always for no logical reason limited.

    @Bob The Dog - it depends on what you are going to be doing with it. Multi-Unit Holiday Lets are not on most mortgage lenders product sheet. It could be a commercial mortgage in this instance, especially with them being self-contained. If your plans were for a normal buy-to-let then multi-unit BTL mortgages are available on vanilla.

    You both have a challenge and the Bespoke Finance team love's a good challenge obtaining finance for Property Investors. No harm in giving us a shout, enquiries are at no cost. We're on 08009202001 or email  hello@bespokefinance.info

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________


    Thanks Adam,  the owners of the 6 apartments run them purely as one and two week holiday lets and have repeat customers every year.  Financially it appears to stack up and it looks like a good business.  I'm a great believer in if it ain't broke don't fix it and we would look to just pick up what the current owners are doing.  What sort of deposit would be required?

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