Hello everyone, in what seems a very wet week for most.

I am, however, writing this from an apartment in Belaggio, Lake Como.  I have realised that you really can work anywhere and at a time when we have been so isolated, a new set of walls is as good a break as any at the moment.

The changes due to COVID have made us realise just how easy it is to have a working break.

Holiday lets are now back on the product lists for a lot of lenders – rightly so, as they are really in demand.  Staycations are seeing quite a surge in bookings, even going beyond the usual end dates of school holidays.  It makes sense as we currently have 155 countries on the quarantine list, so holidaying abroad is not always an option.  This is not going to change any time soon with a combination of a significant increase in price for foreign holidays for next year, cautious holiday makers and a new love from many of UK holiday destinations.  Many people (Ellie included!) have had a lovely holiday in the UK this year and are far more likely to do the same next year.

What we can offer

Lenders are far more keen on holiday lets rather than serviced accommodation; the difference being that a holiday let is somewhere you would stay for a long weekend or a week, rather than something that would be used for a single night’s stay.  City centre apartments are more tricky to place so think about your location and the types of tenant you will attract.

Ideally the mortgage would fit based on the 12 month AST figure.  This does give us more flexibility with lending, and in these uncertain times does give the lender, and you as the borrower,  more options.  If it doesn’t fit on the single AST figure, then we would need to see to see a track record of this or another similar property.

In terms of experience, we do require you to have another buy to let in the background, or if it’s a refinance then you need to have owned it for 12 months.

You can use any platform to advertise your property, Air BnB did have a bit of a bad reputation but this seems to be over now, it is far more important to look at the type of client you will attract.

As always, please give us a call if you want to chat through any enquiries you have.  Have a good weekend and enjoy the sunshine!

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