7-Bed Holiday Let Mortgage for First-Time Landlord in Suffolk

The Story

A client contacted us as we are specialist holiday mortgage brokers.

They were first time landlords and had found an amazing property with seven bedrooms that they wished to purchase and run as a holiday let.

The Challenge

The issues they had was that most lenders they had found either did not do holiday lets or would only lend to applicants who already had experience owning and letting property.

Furthermore, the property had seven bedrooms and many holiday let mortgage lenders max out at six bedrooms.

The Solution

Due to the fact that our clients were first-time landlords and the property had seven bedrooms, we had to utilise one of the more specialist holiday let mortgage lenders.

The rate was always going to be around 1% higher than the best terms in the market but they were the best terms for our client’s situation.

The lending meant the client could purchase this high yielding property and realise their dream of having a passive income,

The holiday let mortgage lender agreed to lend at 60% loan-to-value and did so on a five-year fixed rate with only two years early repayment charges.

This meant that in two years’ time we would be able to refinance our clients on to a cheaper product as they would then have the experience of being holiday let owners and would no longer be classed as first-time landlords.

Contact us to discuss holiday let mortgages including Airbnb mortgages.