Complex Holiday Let Mortgage on Listed Property in Torquay for Self Employed Couple

Complex Holiday Let Mortgage on Listed Property in Torquay for Self Employed Couple

Area
Torquay
Capital Raised
£330k

The Scenario

Our clients approached us wanting to re-mortgage their current main residence on a holiday let mortgage.

Although they had no other fixed address, they were determined to take advantage of the lucrative income potential of their Torquay home.

With the surge of staycation holidaymakers in the UK since the national lockdowns, they were confident they could maintain high weekly rental yields even throughout the off-seasons.

They had an existing mortgage on their property with a high street lender but they weren’t able to offer the specialist holiday let mortgage they required.

We stepped in to help, but there were a few other complications we had to tackle:

  • Low Income - the clients were self-employed and their earnings had dwindled throughout the pandemic. 

  • No landlord experience – this can cause an issue for holiday let and buy to let mortgages if you don’t know the right lenders.

  • The property was a listed building.

  • Other than a recently purchased semi-commercial property, they had no other fixed residential address.

  • The clients wanted occasional use of the property themselves.

  • They also wanted to raise further funds to purchase a powerboat.

The Solution 

Despite the challenges associated with this holiday let mortgage, we approached a lender that we trust with this type of bespoke scenario.

We knew they would look at the bigger picture and would see the value in the holiday let property that we and our clients did.

We acquired a specialist mortgage deal that incorporated our clients’ needs:

  • The lender was happy to re-mortgage their main residence to a holiday let mortgage

  • They allowed our clients to use the property for up to 90 days per year

  • No minimum income or landlord experience required

  • Accepted the listed building specification

  • Used the semi-commercial property as a further correspondence address

  • They agreed to raise further funds for any legal purposes

  • They were still able to offer a 75% LTV product

Related Blog: How To Get a Holiday Let Mortgage

Our broker’s industry knowledge and lender connections were invaluable to our clients’ finance solution, where most high street lenders wouldn’t be able to help.

We don’t shy away from complex cases and will guide you through your options every step of the way.

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance? I specialize in helping international clients source residential and investment property finance for UK property. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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