Lay My Hat

Hi all

My Wife and I are looking to sell up and relocate, I will continue my job as I can work from home and my Wife is looking to manage a holiday let as her income.

My question is can anyone recommend a mortgage service which will include potential earnings from the let as a second income as my salary alone wouldn't be sufficient I think.

Welcome! This is possibly not the best time to be starting out!
Having said that, maybe you'll be able to bag a bargain if you're buying a property, who can say.

You'll need a mortgage that allows holiday letting so not a domestic mortgage and also not most buy-to-let mortgages. There are a few companies that offer the right type - ours is with the Leeds and, I think, Cumberland offer them too.

You'll also need specific holiday let buildings and contents insurance when you get to that stage.

I wouldn't apply for a mortgage secured by both your incomes even on a small domestic residential home never mind a business myself.

Just a single income and treat any extra income as a bonus for yourself.

Calculating your income on a holiday let isn't easy and when you have calculated what you think it might be i'd then at least half that and then you'll be somewhere near.

You'll be disappointed with the income from a holiday let, you won't make anything like what you hope to earn and especially so if you use a letting agent such as tripadvisor, airbnb, sykes or cottages.com etc etc. Don't rely on what they tell you, you should earn in a year, half it and then some. Your income will be lower than expected and the overheads will be a lot higher than you think.

It's a mugs game, don't do it.

5yrs in and 4 days away from a completion date on the sale of my holiday let and my buyer was made redundant because of the coronavirus.

I wouldn't have a holiday let as an essential, main income but would have one if i had a pension, retired, semi retired and lived next door or very near and wanted a hobby, something to do to occupy myself. You'll find yourself running the place into the ground and working for less than the minimum wage.

akwe-xavante wrote: a letting agent such as tripadvisor, airbnb, sykes or cottages.com etc etc.

I never realised these were letting agents

They are letting agents to me, i know most would call them something different.

Renting a holiday Home is a short term let to me opposed to a long term, permanent let. To me it's the same just a few different rules and regs etc that's all.

You're renting a property for anything from just a couple of days to a max of 28 days opposed to renting out a property for 6 months or longer.

If you rent a holiday home out for more than 28 days very different rules apply, it's no longer a short term let it's a permanent let.

Some have not got a wiki description, but no where do I see them the wiki describing what you call think they are.
https://en.wikipedia.org/wiki/TripAdvisor
https://en.wikipedia.org/wiki/Airbnb
This is a wiki description of a letting agent.
https://en.wikipedia.org/wiki/Letting_agent

Wiki!!!!!! Wouldn't take for granted anything on there at all.

I call them letting agents as a personnel choice because that's what i choose to call them. To me that's what they are, nobody else has to agree with what i choose to call them.

Travel Agent, Booking Agent, OTA, Online Travel Agent.

These are simple labels describing the same thing, i choose to call them letting agents.

A personnel Choice. We often see our properties described as Holiday lets, is this wrong too? Some would say yes, others would say no. I say that i would use a letting agent to rent a holiday let. Neither right nor wrong. Others would say i'd use an online booking agent to book a holiday cottage. Right or Wrong..... both!

TA, Airbnb, Sykes, etc charge a fee for renting an owner’s property to a third party, whom they attract via their porrtal
Call ‘em what you like (frequently not postable on a friendly website), but “letting agent” seems as good as anything to me - after all that is essentially what they do, and charge rather a lot for.

Mols

If you don't like wiki what do you recommend to quote?

Maybe they are best described as a web Portal?
They are after all only adverting your "services/goods" They facilitate services so that you can operate. If you choose to use them that is a different matter. Most of us do on at least one of these portals.**
Out of a matter of interest was there not a legal case in the European court with some or one of these websites as to what they were?

** You left off a few of your examples.