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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.
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.
Mortgage broker and property investor.
Thankyou! so it is a holiday let mortgage Im after then. Seems thin on the ground in Northern Ireland as usual!
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.
We have 3 other mortgages with Leeds but it seems their holiday let range excludes NI (as does their HMO range)
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
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.
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,
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