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Mortgages for Holiday Homes

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Holiday Homes

    • 3.89% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.94% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.97% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.98% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.99% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Holiday Homes

What you need to know about mortgages for holiday homes

 When you purchase a holiday home, your mortgage deal will depend on whether you intend to use it exclusively as a second home for your own use, or whether you want to rent it out to other holidaymakers while you are not using it.

Your holiday home may be financed by remortgaging your current home if you plan to use it yourself rather than rent it out. In order to rent out a holiday home, you will need a specialized mortgage.

Holiday home mortgages: how to get them

When people purchase holiday homes, they often finance some of the upkeep of the property by renting it out to other travellers when they are not using it themselves. If you have a rental income for much of the year, you might be able to afford a holiday property otherwise. There are, however, a few things you should keep in mind before you begin:

  •  In order to legally rent out your holiday home, even for a short period during the year, you must have the right type of holiday let mortgage.
  • The ability to demonstrate a healthy, steady rental income is essential if you rely on rental income as a major component of affordability.
  • Having a holiday home mortgage is only one aspect you need to consider – if you intend to rent out your holiday home, you will also have to consider costs like insurance, service charges (if you own an apartment), maintenance, marketing costs, and the cost of hiring a housekeeper or property manager in case you need one.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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