So, you've done your research on the location of your property and found what seems to be a popular spot for vacation homes. You've also thought about all the pros and cons of owning a vacation rental and have decided to go for it. You have made an offer on a certain property, and now things are getting a little harder. You need to think about the best ways to pay for your holiday buy-to-let.
Finances can be hard to deal with, and most of us have no idea where to start looking for the best options. Because of this, there are people who specialise in holiday let financing and can do all the hard work on your behalf. A specialist broker is a good Samaritan like this, and if you want the best deal on your holiday buy-to-let financing, you should work with one.
When it comes to your holiday buy-to-let mortgage, the broker's job is not to take over, but to work with you to find the best deal for you and your situation. At the best of times, mortgages are hard to understand, and the holiday let mortgage is even harder. Holiday let mortgages can be hard to find if you don't know much about money, and getting the best deal can be nearly impossible if you don't use the services of a specialist broker.
When it comes to the holiday buy-to-let mortgage, the property must meet certain requirements. If it doesn't, it could be considered just a vacation home, which is different. A holiday let must be available to rent at least 140 days out of the year, and you must be sure that you can rent it for at least 70 days in a given time period. The renter can't stay there for more than 31 days, and they can't be a family member or friend who got a good deal on the property.
Some lenders will ask that you earn X amount of money from your day job before considering you and others will just go on the predicted income from the holiday let, this is where the broker can help considerably when it comes to getting the best holiday to let finance deal.
