Holiday Homes – Dare to be Different

Everyone seems to be talking about holiday homes nowadays. The idea of buying a holiday home sounds really tempting. But prices for the “normal” type of holiday home seem to have gone through the roof. Does this mean you have to give up the idea?

Well, there are “different” types of holiday home you can look at. But not all of these will attract standard mortgages and might require specialist lenders. You need a holiday home mortgage broker to help you know where to look.

• Log cabins. If you want a holiday home for year-round use, rather than just a few weeks in the summer, you actually could hardly do better than a log cabin. Solid wood is a great storer of thermal energy, so the log cabin will be cosier in the winter than a brick or stone building. And the fire risk is no greater than for an ordinary house as they have to be built to very strict safety standards. So these are a good buy – they are cheaper than conventional houses and are often located in very scenic areas. Traditionally, lenders have been reluctant to lend on log cabins, but now an increasing number are willing to consider them. Ask your holiday home mortgage broker to point you in the right direction.

• Holiday park home. Again, holiday park homes are more affordable than conventional properties, and are located in some of the most stunning areas of the country – areas where ordinary house prices have rocketed. Despite being more affordable, holiday park homes have numerous advantages over “ordinary” holiday homes. For instance, they are luxuriously appointed, so you don’t have to do any alterations before you can start using them, and the parks are managed, so there are no worries about security when you’re not there. What’s more, they aren’t liable for Council Tax, or for Capital Gains Tax when you sell! It used to be the case that you couldn’t get a mortgage on a holiday park home, but now there are some specialist providers who will consider lending on them. Again, you need to consult a holiday home mortgage broker for advice as to where to look.

• Unusual properties. You may have set your heart on a unique and special property for your holiday home – a windmill, a church or chapel, or a light-house, for instance. These can be enchanting and make your friends really envious! But can you get a mortgage on them? Some lenders are reluctant to lend on a property of this type because of uncertainty over its resale value. But there are an increasing number who will look seriously at properties of this kind, subject to various considerations such as resale value. Your holiday home mortgage broker will be able to help you find the right type of lender.

The holiday home market is different from the “ordinary” property market and many types of homes need specialist lenders. Your holiday home mortgage broker has the knowledge to help you find the right lender, however unusual your holiday home idea may be.

Sean Horton is a Director of Holiday Let Mortgages who are a holiday home mortgage broker.