How do I finance my holiday home?
Francis Worman of New Mortgage Solutions
Industry Expert-Director and founder of New Mortgage Solutions, Francis Worman, joined us today to discuss the importance of preparation and research when considering financing a Holiday Let Mortgage.
How do I finance my holiday home? What will the lenders ask me for? How do I know if I have enough equity in my property to release money to finance my holiday home?
Francis talks us through the whole process and the options available, with 25 years in the mortgage industry, there’s a lot of knowledge to draw on here! As brokers not tied to a specific lender, they have the whole spectrum of the market to approach and he knows what works! Francis works all day long with Holiday Let Mortgages.How do I finance my holiday home? Find out now in this episode of @holidayletpod http://hlspod.com/2014/09/07/ep-007-how-do-i-finance-my-holiday-home/ Click To Tweet
We also talk about the myriad of things to think about before diving into the Holiday Let business, and we are just touching the surface with this list-we discuss many of the considerations for running this type of business – some of the most important ones we chat about are listed below;
- Managing the diary
- Managing maintenance people
- Managing guests
- Costs involved
- Will you be able to afford the mortgage if your weeks aren’t rented?
- Furnishing, how and the costs involved
- Self advertising
- Using an agent
- How much of your time will you spend answering enquiries if you advertise yourself?
- How much of your time will you spend dealing with guests if you use an agent?
- Advertising Costs
Francis recommends these resources when considering refinancing your own home and estimating the value you could release:
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