{"id":6349,"date":"2021-03-11T15:15:23","date_gmt":"2021-03-11T15:15:23","guid":{"rendered":"https:\/\/www.schofields.ltd.uk\/blog\/?p=6349"},"modified":"2021-03-11T15:15:23","modified_gmt":"2021-03-11T15:15:23","slug":"holiday-let-mortgages","status":"publish","type":"post","link":"https:\/\/www.schofields.ltd.uk\/blog\/6349\/holiday-let-mortgages\/","title":{"rendered":"A Handy Guide to Holiday Let Mortgages"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-4910\" src=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2018\/03\/Overflowing-Savings-Jar-for-a-House.jpg\" alt=\"Coins\" width=\"498\" height=\"332\" data-wp-editing=\"1\" srcset=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2018\/03\/Overflowing-Savings-Jar-for-a-House.jpg 848w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2018\/03\/Overflowing-Savings-Jar-for-a-House-300x200.jpg 300w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2018\/03\/Overflowing-Savings-Jar-for-a-House-768x512.jpg 768w\" sizes=\"(max-width: 498px) 100vw, 498px\" \/><\/p>\n<p>The global pandemic, lockdown and ongoing overseas travel restrictions have created a huge demand for \u2018staycation\u2019 holiday let properties in the UK. Savvy investors are taking advantage of this revenue stream, plus the stamp duty holiday and low-interest rates to invest in holiday lets.<\/p>\n<p>If you\u2019re thinking of taking advantage of this market trend and invest in a holiday home, you may need to take out a <strong>holiday let mortgage<\/strong>.<\/p>\n<p>In this article, we\u2019ll look at:<\/p>\n<ul>\n<li>What is a holiday let mortgage<\/li>\n<li>How to get a holiday let mortgage<\/li>\n<li>Typical lender criteria\/requirements<\/li>\n<li>Tax benefits as a holiday let owner<\/li>\n<li>Tips when you\u2019re applying for a mortgage<\/li>\n<li>How to choose a mortgage lender<\/li>\n<\/ul>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>What is a holiday let mortgage?<\/strong><\/span><\/h3>\n<p>A holiday let is essentially a property you buy as an investment and a holiday let mortgage is a specialist product required for this type of purchase. It means that you can own your property, but with the purpose of commercially renting it out as short-term holiday accommodation.<\/p>\n<p>You can apply for a holiday let mortgage if you\u2019re:<\/p>\n<ul>\n<li>An individual\/group of individuals<\/li>\n<li>A Partnership<\/li>\n<li>A Trust<\/li>\n<li>A Trading Limited Company<\/li>\n<li>An SPV Company<\/li>\n<\/ul>\n<p>A holiday let mortgage means that you\u2019ll be renting your holiday property out most of the time, with only occasional use by yourself or friends\/family members.<\/p>\n<p>Holiday let mortgages are a niche type of finance product, and it\u2019s common to find that lenders offering them are the smaller-sized building societies. Just because it\u2019s a niche product, it doesn\u2019t mean that this kind of mortgage isn\u2019t readily available. You can also use a mortgage adviser to help you locate the best deals out there.<\/p>\n<p>It\u2019s crucial to note at this point, that a holiday let mortgage is <strong>not <\/strong>the same as a mortgage you\u2019d use to purchase a buy-to-let property*. There are different terms and conditions at play where a buy-to-let mortgage contract is concerned, and it will usually include the fact that an Assured Shorthold Tenancy (or AST for short) is in place.<\/p>\n<p>How your maximum loan size is calculated will also differ between a holiday let mortgage and a buy-to-let.<\/p>\n<p><em>Note:<\/em> If you\u2019re planning to purchase a new residential property (in addition to your main residence), with only occasional periods of renting it out as a holiday home, then what\u2019s commonly known as a \u2018second home mortgage\u2019 will likely be more suitable for you.<\/p>\n<p><span style=\"color: #000080;\"><strong>A residential mortgage for a UK holiday let<\/strong><\/span><\/p>\n<p>A second home mortgage is usually a little more straightforward to arrange. It means you\u2019re applying for a standard mortgage, but it may be called a \u2018second home mortgage\u2019 if you already hold a mortgage on another property that you use as your main residence.<\/p>\n<p>A minimum deposit of 25% is the usual standard when it comes to mortgages of this type, and you may also attract slightly higher interest rates and fees for it; compared to a regular mortgage product.<\/p>\n<p>Having an existing mortgage in place can mean that, when you apply for a second mortgage, lenders\u2019 assessment criteria and indeed their terms and conditions can be a bit stricter. They will also look at your existing repayment history on your existing property, which contributes to their assessment of \u2018how risky\u2019 a borrower you might be.<\/p>\n<p><em>*If you\u2019re planning to take out a standard residential mortgage for a holiday home, do take care on timings if you\u2019re hoping to allow others to use it. Some terms and conditions set time limits on this kind of use &#8211; or even prohibit it altogether<\/em><\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>How to get a holiday let mortgage<\/strong><\/span><\/h3>\n<p>Firstly, consider whether you want to hire a mortgage professional to help you find the best deal, or whether you\u2019d prefer to handle it all alone.<\/p>\n<p>As we\u2019ve already mentioned, because holiday let mortgages are a specialist mortgage type, it can sometimes be worth investing in some professional advice from an expert who knows the market and how it works.<\/p>\n<p>They can help you overcome hurdles such as, for example, trying to understand whether you will even pass a lender\u2019s rental income \u2018stress test\u2019 using a holiday let income projection.<\/p>\n<p>An income projection for your holiday let is generated using information from either a national or local holiday letting agency.\u00a0 Evidence of this projection will be required at the mortgage application stage, where it\u2019s then eventually supplied to the lender\u2019s surveyor to comment on as part of the overall surveying process.<\/p>\n<p>This approach is taken because it\u2019s a well-known fact that income generated from holiday homes can be a very \u2018seasonal\u2019 business, with lots of variation, so lenders often look to a holiday letting agent for realistic advice on the market in a certain geographical area.<\/p>\n<p>Note: Your lender will probably be looking for returns where at least 125% of mortgage interest payments can be covered (when calculated using a 5.5% interest rate).<\/p>\n<p>Most commonly, you\u2019ll be able to borrow up to 75% of the property\u2019s value for a holiday-let mortgage. If you can bring that figure down to around 60%, you\u2019ll likely access some better mortgage deals too.<\/p>\n<p>A lender will sell you a mortgage on a \u2018non-advised basis\u2019; meaning that they won\u2019t advise on the suitability of your mortgage basis on your individual needs and circumstances (this is one factor that happens to be the same as a buy-to-let mortgage).<\/p>\n<p><em>*Attempting to use a <\/em><em>buy-to-let<\/em><em> mortgage for a holiday let property without your lending institution\u2019s formal permission will constitute a breach of the mortgage conditions and can be classed as fraudulent. This in turn can lead to serious repercussions &#8211; for example, you could incur damage to your credit rating and there may be a forced redemption of the mortgage. <\/em><\/p>\n<p><span style=\"color: #000080;\"><strong>Types of mortgages<\/strong><\/span><\/p>\n<p>When you\u2019re applying for a holiday let mortgage, you\u2019ll need to decide whether you\u2019d like to take out an interest-only or repayment mortgage. Whilst interest-only mortgages can mean smaller monthly payments, your balance will not be reducing over the time of your mortgage term, so you still need to be sure that you repay the capital at the end of this period.<\/p>\n<p>You\u2019ll also need to take a look at lenders\u2019 fixed, variable and discount mortgage rates on repayments to decipher what the most affordable option for you will be. Each of these lenders will be offering different options of course, for example, fixed-term for three years, five-year variable rate or perhaps only discounted rates.<\/p>\n<p>As well as the mortgage itself, do remember that you\u2019ll be paying fees such as legal, arrangement and surveying fees too, in order to complete the deal.<\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>The criteria for lending<\/strong><\/span><\/h3>\n<p>Each financial institution will have its own set of rules, but criteria items will usually include things such as the following:<\/p>\n<ul>\n<li>Applicant\/s need to be over the age of 21<\/li>\n<li>Applicant\/s must be UK citizens with at least 3 years of address history<\/li>\n<li>All applicants (or the lead applicant) will need to already own their own home<\/li>\n<li>Applicant\/s must hold a very good credit history<\/li>\n<li>Applicant\/s must be able to raise a deposit of at least 25% (possibly more)<\/li>\n<li>Applicant\/s must satisfy minimum income requirements (this will vary depending on loan size needed and the number of people applying)<\/li>\n<li>Confirmation that the property to be purchased will not be lived in as a \u2018main residence\u2019 by anyone<\/li>\n<li>Geographical locations within the scope: England, Wales, Scotland (including Skye, Aran, Mull and certain other Inner and Outer Hebrides)<\/li>\n<li>Construction type: e.g., \u201call types except 100% timber are accepted\u201d<\/li>\n<li>Lending limit: Loan to value (LTV):<br \/>\n-up to 60% LTV to a maximum loan of \u00a3750K available on standard products<br \/>\n-up to 75% LTV, a maximum loan of \u00a31.5m on standard products<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>What does \u2018loan to value\u2019 (LTV) mean?<\/strong><\/span><\/p>\n<p>LTV ratio is a number lenders use to determine how much risk they&#8217;re taking on with a\u00a0secured loan. It measures the relationship between the loan amount and the market value of the asset securing the loan, such as a house or car.<\/p>\n<p>If a lender provides a loan worth half the value of the asset, for example, the LTV is 50%.<\/p>\n<p>Loan-to-value ratio can apply to any secured loan but is most commonly used with mortgages.\u201d (<em>Definition from <\/em><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-is-loan-to-value-ratio-and-why-is-it-important\/\"><em>Experian<\/em><\/a><em>)<\/em><\/p>\n<p>Here\u2019s an example of what one existing lender states as their criteria:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6350 size-large\" src=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-446x1024.jpg\" alt=\"mortgage criteria\" width=\"446\" height=\"1024\" srcset=\"https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-446x1024.jpg 446w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-131x300.jpg 131w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-768x1764.jpg 768w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-669x1536.jpg 669w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-892x2048.jpg 892w, https:\/\/www.schofields.ltd.uk\/blog\/wp-content\/uploads\/2021\/03\/Picture-1-scaled.jpg 1115w\" sizes=\"(max-width: 446px) 100vw, 446px\" \/><\/p>\n<p><em>Example from <\/em><a href=\"https:\/\/www.monbs.com\/\"><em>Monmouthshire Building Society<\/em><\/a><em>: The criteria above is for standard Holiday Let Mortgages for up to three properties.<\/em><em><br \/>\n<\/em><\/p>\n<p><span style=\"color: #000080;\"><strong>What other kinds of circumstances might also be accepted by lenders?<\/strong><\/span><\/p>\n<ul>\n<li>Applicants who are ex-pats<\/li>\n<li>Applicants with property portfolios, including portfolios of holiday lets are acceptable<\/li>\n<li>Submitting a deposit where some or all of the deposit has been \u2018gifted\u2019 by very close family members (e.g. mum and dad) \u2013 provided that the gift is non-returnable (without reservation)<\/li>\n<li>In some cases, no minimum personal income may be required<\/li>\n<li>Where the property you want to take a mortgage out on is made up of multiple units, is a mixed-use holiday let, or a barn conversion (meant for holiday let use only)<\/li>\n<\/ul>\n<p style=\"text-align: left;\"><em>Note:<\/em> Every lender is different, so if a case is outside their holiday let mortgage criteria, it may still be considered based on its merits.<\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>Holiday let mortgage tax benefits<\/strong><\/span><\/h3>\n<p>If you end up successfully obtaining a holiday let mortgage, and your holiday home can be <a href=\"https:\/\/www.gov.uk\/government\/publications\/furnished-holiday-lettings-hs253-self-assessment-helpsheet\/hs253-furnished-holiday-lettings-2018\">categorised as a \u2018Furnished Holiday Let\u2019<\/a> (FHL), you may be entitled to a certain level of tax relief. To qualify for holiday let tax advantages, the property must be furnished, available for letting for 210 days a year, and actually let for 105 days.<\/p>\n<p>This is because it can then be classified formally as a \u2018business venture\u2019; granting you eligibility for receiving tax relief on mortgage interest payments (\u2018holiday letting\u2019 in general is classed by HMRC as a business type).<\/p>\n<p><span style=\"color: #000080;\"><strong>Here are some other possible tax benefits that you may be able to enjoy (depending on your circumstances)*:<\/strong><\/span><\/p>\n<ul>\n<li>You may be able to claim Capital Gains Tax reliefs for Traders (Business Asset<br \/>\nRollover Relief, Entrepreneurs\u2019 Relief)<\/li>\n<li>You may be entitled to Capital Allowances for certain items (e.g. fixtures and furniture)<\/li>\n<li>The new treatment on buy-to-let finance costs does not apply to furnished holiday lets (FHLs)<\/li>\n<li>All your FHLs in the UK can be taxed as a single UK FHL business, and all FHLs in other EEA states are taxed as a single EEA FHL business<\/li>\n<\/ul>\n<p><em>Please note: The above are highlights, and are not intended as any form of formal Tax advice.<\/em><\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>How to choose a holiday let mortgage lender<\/strong><\/span><\/h3>\n<p>Here are some typical issues you should consider and factor into your research and consideration process:<\/p>\n<ul>\n<li>Does the lender offer holiday let mortgages? It\u2019s worth checking this before getting too far into the first stages of the application process<\/li>\n<li>Will they accept your income situation? This is important to consider if you\u2019re self-employed or you\u2019ve had a recent change of employer\/job<\/li>\n<li>Will they lend for properties like the one you are hoping to purchase? Particularly important if you suspect the property is \u2018unusual\u2019 in some way<\/li>\n<li>Does the property have to be a holiday let already? Certain lenders will only accept mortgage applications for <em>existing<\/em> holiday lets<\/li>\n<li>Are there any specific lending criteria that you should know about?<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Already seen a property you want to snap up? Our top tips for securing a holiday let mortgage:<\/strong><\/span><\/p>\n<p><span style=\"color: #000080;\"><strong>1. Make sure that your paperwork is ready to go<\/strong><\/span><\/p>\n<p>Lenders will usually want to see evidence such as several months\u2019 worth of personal and business bank statements, a valid passport and\/or a driving licence, proof of your earnings (contracts or trading accounts if you don\u2019t work via contracts) and proof of deposit.<\/p>\n<p><span style=\"color: #000080;\"><strong>2. Get your deposit ready<\/strong><\/span><\/p>\n<p>Whether you\u2019re receiving a gift from close family or you\u2019ve been saving hard, have this ready and within reach before you begin the mortgage application process.<\/p>\n<p><span style=\"color: #000080;\"><strong>3. Double-check your credit score<\/strong><\/span><\/p>\n<p>Whether you can use a free account or need to pay a small amount to access it, it\u2019s worth looking into your current credit health to make sure it\u2019s good enough to proceed with your holiday let mortgage application. It may also be worth tying up any loose ends regarding store cards and credit cards, so that these open accounts aren\u2019t holding you back.<\/p>\n<p><span style=\"color: #000080;\"><strong>4. Keep an eye on how the market is behaving <\/strong><\/span><\/p>\n<p>In the run-up to your application, it will be of benefit to you to keep a watchful eye on how property prices are behaving in the area you want to buy in. You should also do a bit of research to collect information on average\/likely costs of things such as utilities, building maintenance, and council tax, so that you can factor this into your future business budgeting. It means that you\u2019ll be working with more realistic running costs.<\/p>\n<p><span style=\"color: #000080;\"><strong>5. Consider speaking to a holiday let mortgage expert <\/strong><\/span><\/p>\n<p>Whilst this will attract an additional cost, speaking to a market expert \u2013 especially for a financial product this specialist in nature \u2013 might be well worth it in the end. They\u2019ll be free to find the best-looking lending options for you, and they can also represent you in negotiations so that you land on a deal which works for you.<\/p>\n<p><span style=\"color: #000080;\"><strong>6. Speak to a specialist holiday letting agent<\/strong><\/span><\/p>\n<p>Once you\u2019re ready to apply for a mortgage, contact a professional letting agency for guidance on average booking levels and rental income for your chosen area. They can offer support for your application if you are going to let your rental through them.<\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>Who offers holiday let mortgages?<\/strong><\/span><\/h3>\n<p>Here are just a handful of UK-based financial institutions we found who offer this mortgage type:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.cumberland.co.uk\/business\/mortgages\/holiday-let\">The Cumberland (For Business)<\/a><\/li>\n<li><a href=\"https:\/\/www.teachersbs.co.uk\/holiday-let-mortgages\">Teachers Building Society<\/a><\/li>\n<li><a href=\"https:\/\/www.furnessbs.co.uk\/intermediaries\/holiday-let-mortgages\/\">Furness Building Society<\/a><\/li>\n<li><a href=\"https:\/\/www.holidaycottagemortgages.co.uk\/\">HCM<\/a><\/li>\n<li><a href=\"https:\/\/hodgebank.co.uk\/intermediaries\/mortgages\/holiday-let\/\">Hodge Bank<\/a><\/li>\n<li><a href=\"https:\/\/www.monbs.com\/mortgages\/holiday-let-mortgages\/\">Monmouthshire Building Society<\/a><em>\u00a0<\/em><\/li>\n<\/ul>\n<p>Whilst the pool of specialist lenders of this kind is still relatively small, it\u2019s still a market that is well-established and competitive, so you should be able to seek out some good deals for your purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> The global pandemic, lockdown and ongoing overseas travel restrictions have created a huge demand for \u2018staycation\u2019 holiday let properties in the UK. Savvy investors are taking advantage of this revenue stream, plus the stamp duty holiday and low-interest rates to invest in holiday lets. If you\u2019re thinking of taking advantage of this market trend and invest in a holiday home, &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6349","post","type-post","status-publish","format-standard","hentry","category-holiday-letting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>A Handy Guide to Holiday Let Mortgages<\/title>\r\n<meta name=\"description\" content=\"If you\u2019re looking to take advantage of the huge demand for \u2018staycation\u2019 holiday cottages and invest in a holiday home, read this guide to holiday let mortgages.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.schofields.ltd.uk\/blog\/6349\/holiday-let-mortgages\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"A Handy Guide to Holiday Let Mortgages\" \/>\r\n<meta property=\"og:description\" content=\"If you\u2019re looking to take advantage of the huge demand for \u2018staycation\u2019 holiday cottages and invest in a holiday home, read this guide to holiday let mortgages.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.schofields.ltd.uk\/blog\/6349\/holiday-let-mortgages\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Tips for Marketing &amp; 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