Even though the idea of having your own vacation home and renting it out for vacations is an exciting and potentially profitable one, you might stop in your tracks when you realise how you're going to pay for your new business. But there is help available in the form of online brokers, so if you need a holiday home mortgage offer, you should go to a broker.
Keep in mind, though, that there are a lot of lenders out there who offer holiday home mortgages. Since you don't know much about the subject, you should avoid these lenders and instead work with a broker, who knows the whole market. This is especially important if you want to rent out the house instead of just using it as a vacation home for yourself. When you go this route, mortgages get even more complicated, and you need expert advice if you want to get the best mortgage for your needs.
As a very rough rule of thumb, the average mortgage for a vacation home will cover between 70% and 80% of the value of your vacation home. Along with this, most lenders will require that the property be worth at least a certain amount, which is usually around GBP80,000. On top of this, all lenders will need to make sure that you can make the mortgage payments. As you can see, holiday home and holiday let mortgages are very complicated and can be much harder to get than a regular mortgage, let alone get the best deal. This is a very good reason to get advice from a broker.
But even if you decide to use a broker, the choice of mortgage is still yours, and if you have any ideas, you should talk to the broker about them. Your broker will work with you and listen to what you want, but keep in mind that you hired them in the first place because they know how to find the best mortgage deals for a vacation home.
The broker can not only help you get the best deal on your mortgage, but they can also be a lifesaver by taking a lot of stress off your shoulders. Starting a business renting out vacation homes isn't easy, and the mortgage isn't the only thing that needs to be thought about.
