Short Term Let Mortgages

February 26, 2023

robert stern

robert stern has been covering business and financial topics since 1997, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. Eric's writing regularly appears on badcreditloans03, ufu, zix, bank-paydayloan.com, www-mypaydayloan.com, and dozens of other outlets. A former software engineer, robert stern an M.B.A. from New York University and an M.S. in finance from howard university.

Short term let mortgages are becoming increasingly popular, particularly among landlords looking for greater returns. Historically, buy-to-let mortgages had not been made available for short term lets – but lenders are now catching up to the market.

Many lenders, such as Foundation and some smaller mutuals, now provide holiday let mortgages. These loans serve to invest in properties that can be rented out on a short-term basis.

What is a short-term let?

If you own a property and plan to let it out for short visits, you might want to look into getting a short-term let mortgage. This type of loan is tailored for people looking to purchase properties that can be rented out quickly; and with help from an experienced broker, it could be easy to locate an appropriate lender.

If your property is situated in a popular tourist area, you could expect high occupancy rates and therefore an impressive return on your investment. In some cases, short-term lets can offer returns of up to 30% or more compared to long-term lets depending on where it is situated and demand for such rentals in your region.

Maintaining your property to a high standard can be a real challenge, and making sure guests are satisfied with their stay can take up much time and be costly due to high turnover. To make things easier for you, here’s some advice on maintaining an effective maintenance program:

How to get a short-term let mortgage

If you plan to let your property out for a short time, considering getting a short term let mortgage is wise. These mortgages are available from many lenders and can provide income, whether that’s for several weeks or months.

However, it’s essential to be aware of the legal rules and regulations surrounding renting your home. Neglecting to do so could constitute a serious criminal offence and could land you in prison.

On your mortgage, you may have to pay a higher rate of interest than with a standard residential mortgage, plus extra charges or increasing the amount borrowed.

Before applying for a short-term let mortgage, it’s wise to get quality advice** from an experienced lender. That way, you can ensure it’s the right fit and get the best deal available.

What do I need to do to get a short-term let mortgage?

If you own a property that you plan to rent out temporarily, a short term let mortgage may be possible. Speak with a specialist mortgage broker to discover your available options and how much these might cost.

Be aware that some lenders are wary of lending for holiday or short-term lets, believing them to be high risk investments. However, the market has seen that this isn’t true and many lenders are more than happy to provide mortgages for such properties.

When deciding whether or not to offer your property as a short or long-term let, the main factor to consider is how much time and money you are willing to invest into it. If you’re willing to put in the effort and take on some risk, there can be plenty of financial advantages from running a short-term let.

Can I get a short-term let mortgage?

Short term rentals have become an increasingly popular way for landlords to generate extra income. Due to the disruption platforms like Airbnb have caused in the travel accommodation market, landlords are looking for more lucrative opportunities in order to maximize their returns.

Many buy to let mortgages exclude short-term lets as they are considered riskier than other residential investment properties. However, some specialized lenders are now providing mortgages that enable landlords to rent their properties on short-term contracts.

If you’re thinking about renting your property short-term, it’s wise to get consent from your lender first. This allows you to temporarily modify your residential mortgage in order to rent part or all of the property for a fixed period (usually six months).

Some lenders will allow you to rent out a holiday let, but certain criteria must be met. For instance, lenders often require that you own your main residence and that your portfolio does not exceed a specific size.

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