Mortgages designed for holiday homes
11th February 2015
We have recently linked up with wonderful firm of Wealth Managers called Atkins Ferris. They are based in Cornwall and have clients all over the south of England, recommended by their strong ethical code. They have also specialised in holiday home mortgages – based on a houses holiday rental income.
We sell a lot of holiday homes, and many of our clients look at mortgages based on a buy to let basis. These mortgages only take into account long term rental income and will not look at holiday rental income. Fowey does not command the highest rents, due to the lack of large number of potential high earning tenants. It does however, benefit from great holiday rents.
A cottage in the centre of Fowey might sell for £250,000, and would receive an annual long term rent of around £8000 per year. Annual holiday rental income is likely to be nearer £15,000.
We have also teamed up with Classic – one of the most successful holiday rental companies in the south west. Their local property manager reviews all of our houses for the potential in holiday renting and how much they are likely to achieve in rental income. This is proving to be very useful for our buyers, and when teamed up with Atkins Ferris very powerful in helping to make the right buying decisions.
Anyone wishing to discuss their mortgages or investment requirements, can met with them in privacy in our offices in Fowey. Please call our office if you would like more information.