Holiday Let Mortgage UK is a specialist broker offering access to the entire UK mortgage market for Serviced Accommodation facilities. We work closely with ALL UK Lenders, many of which don’t offer financing direct to the general public. Our insight into this market and our lender contacts allow us to offer deals you can find nowhere else.
Investors, homeowners and developers are all beginning to take notice of the incredible profitability of the ‘Airbnb’ and serviced accommodation sector. However, many traditional lenders struggle to provide mortgage and financing products for this type of business. Many only offer more expensive commercial mortgages, while others refuse to lend to serviced accommodation buyers entirely. If you are struggling with this situation, Holiday Let Mortgage UK can help.
HLM can help you find funding for refurbishment of existing facilities, apartments and short-term serviced accommodation, converting a property for serviced accommodation or Holiday Let use, or for bespoke new-built serviced accommodation developments.
In addition to offering help and advice, we scour the market for specialty lenders and financing options that are perfect for serviced accommodation customers. Many of our clients come to us because their finance needs are beyond the criteria standard lenders can accept, and we put them in contact with more specialised lenders who understand both the serviced accommodation market and the client’s individual situation.
What kind of Serviced Accommodation Mortgage terms could I get?
That varies quite a bit from lender to lender, and from business to business. Generally speaking, though, we have helped our customers find financing on the following terms:
- Mortgages and financing for start-ups and existing serviced accommodation businesses
- Financing for partnerships, individuals and limited companies – note that financing for limited companies typically require a personal guarantee of the loan
- Mortgages typically available only for owner-managed properties
- Loan values of £200,000 and up
- Up to 60% LTV for interest-only loans and up to 70% for capital-and-interest
- Loan terms of up to 25 years for capital-and-interest repayment or up to 10 years for interest-only
- Loans on leasehold properties, assuming the lease allows business use, and at least 85 years remaining on the lease
- Borrowers typically must be UK residents and either EU or UK nationals
- Properties must typically be located on the UK mainland