A second home in the UK or abroad is a dream for many. Not only is a holiday-let a great chance to create an extra stream of income, it’s an opportunity to escape and live out the life you and yours deserve.
The World Wide Web is choc-full of information, and while it’s great to have it all at your fingertips, it can get a little tricky trying to narrow down the best options. After all, your personal circumstances are unique, and the world around you is always changing. But don’t worry, Gough Mortgage + Protection is here to help. First things first…
Buy-to-let vs. holiday let – what’s the difference?
Buy-to-let properties have long been an attractive investment for property moguls and second-home buyers alike.
You may find you can rent out your holiday-let for much more money than you could a buy-to-let home, mostly due to the short term nature of the property’s use (holidays), meaning more money in your pocket.
For a property to be considered a holiday-let, it must be available for letting for at least 210 days per year. Some lenders also allow you and your family to occupy the property for a certain time each year. For more general mortgage information, save yourself some reading and take a look at our series of helpful videos.
And there you have it, holiday-let mortgages in a nutshell.
Got your eye on a coastal property?
If you’ve got any more questions, or you’d like to start discussing your mortgage with our expert team, you can get in touch for a free initial consultation here.
Your property may be repossessed if you do not keep up repayments on your mortgage. Fees may be payable at a later point.