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Is it more difficult getting a holiday let mortgage then a buy to let mortgage

3 replies

Mammawilson · 04/08/2021 18:42

I have found a cheap property that would work as a holiday let, I don't want a buy to let as I want to be able to use it as a holiday home as well. I'm so rubbish with understanding mortgages I didn't even realise you couldn't rent it as a holiday let with a buy to let mortgage and I have been given one on principle.
I already own my own home but have a very small mortgage with low payments so could afford another mortgage but not sure if its even worth me looking into it if it's harder to get as I don't earn a fortune.

OP posts:
gettingfedupagain · 04/08/2021 18:49

Could you remortgage your house and release the equity to buy the holiday let?

Mammawilson · 04/08/2021 18:52

No at the moment I have restrictions and can't remortgage my home

OP posts:
meganorks · 31/08/2021 13:59

There are specific holiday let mortgages but not everyone offers them. You can only borrow 75% LTV, you have to rent 21 weeks of the year (I think) and you have to prove the rental income will cover a certain amount over the mortgage payments. I don't know if they are harder to get than a standard BTL, but I wouldn't have thought so as they are based on proving a rental income, just in a slightly different way.

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