A client of ours was an existing landlord owning several BTL properties and wanted to venture into the ‘holiday let segment’. With UK staycations looking to grow, this was a perfect time for the client to consider their options.
If you would like to consider purchasing a holiday let, call one of our experienced mortgage specialists today to see how we can help.
Case Profile
A recent visit to Cornwall on a family holiday had whetted their appetite for the Southwest and upon return, they set about identifying a suitable property.
They saw this as a growing venture and created a new ‘limited company’ in which to hold this property and future properties. They quickly identified a property in Padstow, which was already subject to holiday letting and had the appropriate consents in place.
Solution
With the support of the chosen lender, where the client was already known, we were able to proceed quickly, giving the clients the ability to place an offer and secure the asset. This was critical as much interest had been shown in the property.
The clients were able to secure a low five-year fixed rate with a 1.5% fee and exchanged quickly to placate the vendor.
The holiday let segment has seen much interest over the last 18 months, with many lenders coming to market with discounted and fixed rate options. The added benefit of a holiday let is that they can typically be used by the owners for up to 90 days per annum, traditionally yield very well and in many of the coastal towns have seen significant capital appreciation.
