Holiday let mortgag...
 

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[Closed] Holiday let mortgage broker - any recommendations?

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I know, burn me at the stake now, but the original plans for a flat I want to buy have morphed and I'm now probably needing to get a holiday let mortgage.
Any recommendations for brokers that lend in Scotland?
Ta


 
Posted : 26/03/2019 3:14 pm
Posts: 1982
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London & Country should be able to help, though in the end we ended up dealing directly with Leeds Building Society, who may or may not be on L&C, I don't recall.
I'd definitely recommend L&C, I'd recommend Leeds for their product and rates, though they were a total pain the ass to deal with during the purchase process, i'd have preferred to have a good broker to deal with that, but all good now.


 
Posted : 26/03/2019 3:23 pm
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Leeds BS are definitely not the best process wise...


 
Posted : 26/03/2019 3:26 pm
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I've used L and C before they were great at the initial phase, but rubbish once handed over to person who ties the deal up to the point where I had the offer letter and they were still asking me to prove income. Very odd.


 
Posted : 26/03/2019 3:57 pm
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Fair enough, my experience of L&C on a different remortgage was all good, though on our holiday let mortgage we didn't get that far, they were good in the initial stages though.
Slim pickings tbh with holiday let mortgages that will cover Scotland, many providers I found were England & Wales only. Pretty sure it was Leeds, Cumberland and one or two others that L&C had access to.


 
Posted : 26/03/2019 4:44 pm
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Thanks TD - it is slim pickings, but I'll see where I can get with it..


 
Posted : 27/03/2019 10:20 am
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Alternatively.....don't get get a holiday let mortgage but re mortgage your house to buy a holiday let. Considerably simpler, if you have the collateral.


 
Posted : 27/03/2019 4:07 pm
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Alternatively…..don’t get get a holiday let mortgage but re mortgage your house to buy a holiday let. Considerably simpler, if you have the collateral.

but not as tax efficient.


 
Posted : 03/04/2019 5:20 pm
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Explain the less tax efficient aspect please? I was thinking of remortgaging to fund a holiday home/holiday let purchase. Didn’t think you could offset mortgage payments against rental income for tax purposes anymore.


 
Posted : 03/04/2019 9:08 pm
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Didn’t think you could offset mortgage payments against rental income for tax purposes anymore.

You can on holiday rentals, but not long term but to let. Makes no sense, but that's the way it is, and part of the reason they are such attractive investments.


 
Posted : 03/04/2019 10:56 pm