Gary Oxborough is Practice Principal here at Barlow Irvin Financial Services. This month, he looks at how easy it could be to buy your own holiday let investment.
Now that we have had Easter, the nights are getting lighter and (dare I say) the sun is starting to shine, thoughts are starting to turn towards holidays. Over the last couple of years, mainly due to the COVID pandemic, many more people have chosen to holiday in the UK rather than going abroad. This has seen an increase in the demand for holiday rental properties, especially in traditional holiday hotspots like the Lake District and North Wales.
Did you know that buying your own holiday let investment property is easier than you may think? There are more and more lenders coming into the market, offering specific mortgages for this purpose. Although you will usually need a 25% deposit, the actual amount you can borrow is based on the rental income the property can produce. The weekly rental that can be achieved can be quite a significant amount, which can produce a tidy profit for the right property. Not only this, but most lenders will also allow you to use the property yourself for a limited number of weeks during the year. So, effectively, you can have a holiday home for yourself that also pays you an income. Win-Win.
If you already have, or are considering investing in, a rental property, why not look at a holiday let as another option? It could be the best of both worlds!
If you would like to know more about how we can help you achieve this, contact our team of mortgage experts on 01204 304 814 who will be happy to explain everything and give you the advice you need.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments