One of the biggest stumbling blocks when it comes to buying your very own holiday home is often finding a suitable mortgage that is both affordable and relevant to the property you are purchasing. Not every mortgage offering out there can be used to mortgage a second home or a holiday home and therefore it can be quite a tricky process searching through lenders to strike a deal that is right for you. You need to find a mortgage that covers the cost of your home, but still allows you to pay fair and affordable repayments, this can often be the tricky bit.
Over the past year however, the availability of holiday home/holiday let mortgages has doubled, which means it’s now easier than ever before to find a suitable mortgage deal against your holiday home or holiday let property. According to Propertyreporter.co.uk:
“Analysis by Moneyfacts reveals a notable rise in the number of buy-to-let options for holiday lets over the past six months, during a surge of holiday home sales.
Its research shows that mortgage options for borrowers looking at holiday lets have grown by 45% in the past six months and product availability is double that in August 2020.”
It’s a promising forecast which means if you are looking to purchase your own holiday home, there are now more financial paths to explore which could mean you get your keys much sooner than you could have imagined.
Furthermore, according to Propertyreporter, Rachel Springall, finance expert at Moneyfacts, said:
“Consumers may have taken some time to reflect on staycations in light of uncertainties surrounding international travel and how a holiday let could be a worthy investment. Lenders have moved over the past six months to cater to the demand for those looking to invest in property, as there has been a rise in holiday let deals of 45%, and product availability has in fact doubled since August 2020.”
A combination of uncertainty as a result of the coronavirus pandemic and of course, more people looking to get away from their homes in a safe environment has led to a huge demand for holiday homes and holiday let properties, this means lenders and the mortgage markets have had to respond in order to be able to supply the financial packages needed to help these buyers get access to their beautiful holiday homes.