Holiday letting and mortgage

[NightFallsFast]

We're emigrating soon and are considering options for our house. We're in a tourist area so are considering using it as a holiday let, both because the market for selling here is poor and it keeps a base in the UK for us for visits and if we want to come back permanently. Realistically with being out of the country we would have to let it via an agency.

We'll have about 25% equity on our current mortgage. I presume we'll have to change the mortgage if we let the property. Will banks lend for holiday lets? Are rates comparable?

Also any pros and cons of holiday lets vs longer term rentals appreciated!

For holiday lets, assume 20 weeks a year occupancy AT MOST. Fully furnished to high standard, cleaned after each let, etc.

I'd suggest a long-term let, again with an agency. For visits, YOU book a holiday let or airbnb. When you want to come home, you end the tenancy - obviously you'll need to work with the timing of this. Lots to this but with good tenants and a decent agency it will be looked after.

you'll need a buy-to-let mortgage and different insurance whatever you do.

Thanks for your advice specialsubject, really helpful. We know that occupancy won't be that high as a holiday home, but we're not sure how rentable it is as a medium-long term let either as it's a 6 bedroom farmhouse and there's nothing remotely like it on the rental market within 10 miles to compare it to. The nearest type of properties are 4 bed new build village houses for £1100pcm, while houses similar to ours are advertised as holiday lets for £1000-2000 per week, which may bring in the same amount of money even with low occupancy and higher management fees.

Decisions decisions!

Holiday letting agents typically take 25% of the booking in fees. You could look at something like Big Holiday Cottages to let through.