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  • Mortgages & Finance

    Short term & holiday let mortgages??

    Im researching what type of mortgage I need to do a short term let but I'm not sure if this is a specific type of mortgage or just known as a holiday let?

    What would be the main lenders that people use?

    Im based in NI & plan to buy in personal name due to ability to claim back 100% mortgage interest. This would be 5th property held this way.

    It is a specially built block of 2 apartments. Building is 3 storey.

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    You will have to arrange a specific mortgage geared towards holiday lets, most standard BTL lenders will not allow this. The mortgage will depend on your circumstances and the assessed property rental income, location etc.

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    Mortgage broker and property investor.

    http://www.goldmanread.co.uk


    Thankyou! so it is a holiday let mortgage Im after then. Seems thin on the ground in Northern Ireland as usual!

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    Yes, there aren't that many lenders. Leeds BS will lend in NI and offer Holiday Lets but you do need a min income of £40K (from employment or self employment -not rent). There are a couple of others but I can't think of the off of the top of my head.

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    Mortgage broker and property investor.

    http://www.goldmanread.co.uk

    We have 3 other mortgages with Leeds but it seems their holiday let range excludes NI (as does their HMO range)

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    Yes, you're right so the appropriate access to market would be to work with a specialist BTL Broker who knows the market.

    Contact the Team at https://www.PropertyTribesFinancialServices.com on 01206 654444 and we also have a close working relationship with a NI based Broker who could help too.

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    Actually I think they may lend against a holiday let in NI looking at their most up to date guidance! thanks again

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    Leeds specifically exclude NI from their HMO offer but not Holiday Lets. As I said they are not the only lender and its important to take into account your full circumstances, hope it is of some help.

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    Mortgage broker and property investor.

    http://www.goldmanread.co.uk


    Hi Jowo,

    I have done a little research for buy to let lenders who will allow holiday lets (short term lets) and there are about a dozen who can accept that kind of rental.  But of those 12 only one can also look to lend in Northern Ireland – Leeds Building Society.  Other respondents may know of lenders in Northern Ireland itself that may be able to help but for mainland based lenders Northern Ireland has always been a struggle. 

    I hope that helps a bit at least,

    Cat

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    Call the PT Broker Hotline on 0333 363 6507 or email us at ptbrokers@johncharcol.co.uk