Holiday Lets

A holiday let is where you purchase a property in the UK to let out to holiday makers. The typical holiday spots are Cumbria, Cornwall, Devon, Suffolk, parts of Wales, and Norfolk. The properties are rented on a short term basis (anything from three days to six weeks).

As with BTL, the lender will need to confirm how much rent the property will generate annually. They will need a reference from a reputable letting agent specialising in holiday lets in the area, to confirm likely rent during low to peak periods. In addition, the surveyor will confirm the value of the property.

Many of us are choosing to spend our holidays in the UK and as a result, property investors are increasingly exploring holiday let opportunities in key “staycation” locations.


The main criteria for holiday lets are:

You must be a homeowner.

You must have a minimum income of £20,000 or more depending on the lender.

The property is not located in a holiday park.

The rental income must sufficiently cover the interest only mortgage amount by at least 125% using a notional rate of 5% or the pay rate, whichever is higher. For example, assuming pay rate is 5.5%.

The purchase price is £300,000.

The mortgage is £210,000 (70% LTV).

The lender will expect the rent to be at least £1203 per month.

The calculation: £210,000 x 5.5% = £11,550

£11,550 per annum /12 months = £962.50 x 1.25% = £1203.12 (some lenders may use 130% or more)

If the surveyor confirms that rental income is at least this figure, then the lender will offer you a mortgage for £210,000. However, if the surveyor confirms that the rent is actually £1100, then the lender will reduce the mortgage accordingly, i.e., £192,000. As such, a larger deposit will be required (£108,000).


Holiday Let Lenders

The vast majority of BTL lenders do not offer a holiday let proposition. It’s a niche area and there are only a few players willing to dabble in this sector. They are:

  1. Leeds Building Society
  2. Market Harborough Building Society
  3. Principality Building Society
  4. Cumberland Building Society
  5. Bath Building Society


Application process

Because of the infrequency of rental income, the lenders are quite keen to see that your income can cover your existing mortgage and your holiday let in the event of any void periods. Therefore, the following documents will need to be supplied:

Last three months payslips

Last three months bank statements

For self employed: last three years’ trading figures

Full assets and liabilities

Rent reference from reputable holiday letting agent, confirming potential monthly rents during low to peak periods

Your best approach to securing the best holiday let product is through an independent mortgage specialist. In addition, they will have access to other niche lenders that may consider lending based on the merits of your case. is not recommending that you invest in any specific property. You must conduct your own due diligence before investing in property. Property prices can rise and fall in value and past performance of the UK property market is no guarantee to future performance.


The Financial Conduct Authority does not regulate most types of buy to let mortgages, bridging loans and commercial loans.


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