Lay My Hat home page Lay My Hat Forum
The forum for holiday rental owners


 
  FAQFAQ    SearchSearch    MemberlistMemberlist   UsergroupsUsergroups    RegisterRegister  
  ProfileProfile    Log in to check your private messagesLog in to check your private messages    Log inLog in 

Holiday Let Mortgage Advice

 
Post new topic   Reply to topic    Lay My Hat Forum Index ->
Buying/selling your home
View previous topic :: View next topic  
Author Message
Taikoo



Joined: 29 Dec 2016
Posts: 3
Location: Dartmoor

PostPosted: Wed Feb 01, 2017 2:43 pm    Post subject: Holiday Let Mortgage Advice Reply with quote

Hi All,
My first post so please be gentle.
We are coming to the end of a two-year, fixed-rate, holiday-let mortgage with the Leeds Building Society. The rate is currently 2.94% and will increase to 3.14%. The good news is that this doesn't seem too bad. The bad news is that there appear to be very few holiday-let mortgage providers to choose from. Does anyone have any recommendations?
Many thanks
Rob
_________________
www.kateandtoms.com/houses/taikoo/
Back to top
View user's profile Send private message Visit poster's website
jeffers70



Joined: 16 Jan 2016
Posts: 7
Location: Beadnell, Northumberland

PostPosted: Mon Feb 06, 2017 12:25 am    Post subject: Reply with quote

Hi Rob

We had the same problem when we purchased our holiday let the distinct lack of companies offering holiday let mortgages.
There are a few smaller regional mortgage companies who offer a holiday let mortgage only in their area.

We ended up using the Principality Building Society, it is not advertised as a holiday let mortgage just a buy to let.

Here is a link to their competitive rates:

http://www.principality.co.uk/en/mortgages/buy-to-let-mortgages

If you read the description in important information it says can be for a holiday let.

We had no issues getting ours!

Hope this helps!

Martin
_________________
Web - www.beadnellcottage.co.uk

Email - enquiries@beadnellcottage.co.uk

Facebook - www.facebook.com/beadnellcottage
Back to top
View user's profile Send private message Visit poster's website
Joanna



Joined: 23 Aug 2007
Posts: 882
Location: Chester, North West England & Sidmouth, East Devon

PostPosted: Mon Feb 06, 2017 11:25 am    Post subject: Reply with quote

We're with Leeds too and when our deal came to an end we couldn't find anything to better it so we stayed put. There were a couple of others that allowed holiday lets but the savings weren't enough to cover the cost of moving. Plus, getting new BTL mortgages seems to be getting more and more complicated - they want so much info now it gets quite time consuming.
_________________
Jo

Joint owner of Baker's Cottage in Chester & Chandler's Cottage in Sidmouth
Back to top
View user's profile Send private message Visit poster's website
Taikoo



Joined: 29 Dec 2016
Posts: 3
Location: Dartmoor

PostPosted: Wed Feb 08, 2017 2:04 pm    Post subject: Reply with quote

Thanks Martin and Joanna.

I got excited by the rates offered by the Principality BS but sadly they only offer up to £250K and we need a bit more.

I'm coming to the conclusion that it will be the Leeds again, but I'm still suprised at the lack of choice.

ROb
_________________
www.kateandtoms.com/houses/taikoo/
Back to top
View user's profile Send private message Visit poster's website
Jenster



Joined: 08 Mar 2016
Posts: 423
Location: Cornwall

PostPosted: Thu Mar 23, 2017 8:30 am    Post subject: Reply with quote

We have just heard that the flat below ours might be coming up for sale soon. We are very keen, but would need to raise a mortgage this time. Are principality and Leeds really the only two options or is anyone with anyone else? Thanks
_________________
www.seashellsporthtowan.co.uk
Back to top
View user's profile Send private message Visit poster's website
Giraffe



Joined: 26 Jun 2016
Posts: 382
Location: Cornwall, England

PostPosted: Thu Mar 23, 2017 11:54 am    Post subject: Reply with quote

Taikoo, Jenster - have you tried your bank? When I divorced I had to rearrange my finances and mortgage which my bank helped me with. Got a much better deal than any of the mortgage companies offered. But I had been with the bank for 40 years so they knew me well.
_________________
The best things in life are free
Back to top
View user's profile Send private message
Nemo



Joined: 14 Aug 2008
Posts: 7030
Location: Norfolk

PostPosted: Thu Mar 23, 2017 3:49 pm    Post subject: Reply with quote

There are a few, but they don't offer the most competitive rates. Personally I'd go to a mortgage broker to try and find you a deal. If you can raise funds against your existing properties rather than a holiday let mortgage, you're likely to have access to much better rates.
Back to top
View user's profile Send private message
Sheffield89



Joined: 03 May 2015
Posts: 22
Location: Suffolk

PostPosted: Thu Mar 23, 2017 10:57 pm    Post subject: Reply with quote

Hi,
We've used both Principality and Cumberland. Cumberland were very easy to communicate with when we arranged with them 3 years ago - there was just 1 chap who sent me all info and answered emails swiftly with appropriate advice.
Back to top
View user's profile Send private message Visit poster's website
Casscat



Joined: 05 Jul 2014
Posts: 2662
Location: Andalucía

PostPosted: Fri Mar 24, 2017 10:54 am    Post subject: Reply with quote

An online article also mentions National Counties and Monmouthshire as potential lenders on holiday rental properties, but the latter only lends on properties in Wales and South West England.
Back to top
View user's profile Send private message Visit poster's website
Jenster



Joined: 08 Mar 2016
Posts: 423
Location: Cornwall

PostPosted: Fri Mar 24, 2017 12:13 pm    Post subject: Reply with quote

Thanks everyone, I have found a fee free broker so may try them, but raising funds against our own home may be the best option as we have very little mortgage left and a lot of equity. Are lenders generally ok with people doing this to buy another property?
_________________
www.seashellsporthtowan.co.uk
Back to top
View user's profile Send private message Visit poster's website
Nemo



Joined: 14 Aug 2008
Posts: 7030
Location: Norfolk

PostPosted: Fri Mar 24, 2017 2:59 pm    Post subject: Reply with quote

Many lenders are more than happy for you to release equity that way. If there's plenty of equity in the house then the figures should fairly easily stack up.
Back to top
View user's profile Send private message
Casscat



Joined: 05 Jul 2014
Posts: 2662
Location: Andalucía

PostPosted: Fri Mar 24, 2017 10:32 pm    Post subject: Reply with quote

Jenster wrote:
Thanks everyone, I have found a fee free broker


Nothing in life is free when it comes to products and services. You are paying, however that process is achieved.
Back to top
View user's profile Send private message Visit poster's website
Display posts from previous:   
Post new topic   Reply to topic    Lay My Hat Forum Index ->
Buying/selling your home
All times are GMT
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group