Facts to consider
Over the last few years, things have changed quite a bit. While the buy to let market was once a very popular choice, recent trends have shown more and more people investing, instead, in a holiday let. Still, a holiday rental might not be for everyone, so below we discuss some key differences between holiday let and buy to let options to help you make up your mind.
While there are pros and cons to both holiday lets and buy to lets, it is evident that the holiday let, when chosen correctly and managed well, can provide financial, personal and tax advantages over the buy to let model.
It is important to note that if you own a holiday let and run it as a business, there will most likely be more work to do and more involvement throughout the year – although there is the option to outsource that work to a housekeeper or letting agent.
Before you make the all-important decision between the two property types, it is recommended that you consider your overall financial and personal needs, to determine which is the right asset for you.
Holiday Let Mortgages. Done.
Holiday Cottage Mortgages Limited is an Appointed Representative of Julian Harris Mortgages Limited, Julian Harris House, Musgrove, Ashford, Kent, TN23 7UN, which is authorised and regulated by the Financial Conduct Authority (FCA). Julian Harris Mortgages Limited’s FCA Register number is 304155. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk
Your home may be repossessed if you do not keep up repayments on your mortgage. Pure holiday let, buy to let and commercial mortgages are not regulated by the FCA. Non-standard applications may attract a broker fee of up to £995.