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.

How to buy holiday home. The best places to buy a holiday home in the uk in 2020 reading time. Most period cottages are small and face a lot of competition in the rental. These include cumberland building society leeds building society and monmouthshire building society. The sheer volume of buyers and sellers means that delays are endemic. 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.

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. 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. Capital growth in holiday home destinations is often more unpredictable than inner city locations because many of these properties are a discretionary spend for owners. When buying a holiday home and rent it out you must declare the income in your tax return. Having bought your holiday home it s time to start thinking about how you re going to rent it out.

Although march 31 sounds a long way away the explosion in demand sparked by the holiday has slightly backfired. We have expert regional managers around the uk who can offer expert support and advice about the holiday letting market in your area. Even if you don t plan to let your holiday home immediately it makes sense to future proof your choice. By dan holmes cottage owners. Only a handful of lenders lend on holiday lets.

Which location is best. These aren t available at most high street banks and are instead offered by some specialist building societies.