How To Buy Holiday Home

Having bought your holiday home it s time to start thinking about how you re going to rent it out.

How to buy holiday home. Buyers who want to take advantage of the government s stamp duty holiday need to get their skates on or they will miss out on the 15 000 tax break. Lenders will expect proof that you can make a gross income of 125 130 of your mortgage payment so you need to do some research on the local lettings market to know whether that s realistic. Which location is best. Holiday let mortgages if you need a mortgage to fund your holiday home investment you ll need a holiday let mortgage rather than a standard buy to let loan. The sheer volume of buyers and sellers means that delays are endemic.

If your holiday home is a business you will need a holiday home mortgage. Even if you don t plan to let your holiday home immediately it makes sense to future proof your choice. Only a handful of lenders lend on holiday lets. These aren t available at most high street banks and are instead offered by some specialist building societies. By dan holmes cottage owners.

The best places to buy a holiday home in the uk in 2020 reading time. Although march 31 sounds a long way away the explosion in demand sparked by the holiday has slightly backfired. If you use your property for your own purposes for part of the year and then operate it as an investment property for the rest of the time you will need to convince the tax office that the property is a genuine investment. When the economy is up people run out to buy holiday homes and when times are tough it s often the first luxury people try and sell gray says. When buying a holiday home and rent it out you must declare the income in your tax return.

We have expert regional managers around the uk who can offer expert support and advice about the holiday letting market in your area. Most period cottages are small and face a lot of competition in the rental.