Holiday Let Development Finance
AirBnB is a huge threat to the hotel sector, with many people preferring to rent a home rather than a hotel room, and some lenders have adapted their lending criteria to include AirBnB as a method of renting out the holiday let.
To fund a holiday home project, you will need a commercial mortgage rather than a BTL mortgage, although like a BTL you will need to show how rental income will be generated.
One of the bonuses of holiday let finance is that it can be tax deductible. Furnished holiday lets are classed as businesses and as such can be used to deduct expenses from your rental income before declaring the remaining amount for tax assessment. This also includes the interest on your loan.
Holiday Home Finance Uses:
🔸 Second residential Holiday Home
🔸 Holiday Lets
🔸 AirBnB
🔸 A mixture of personal use and holiday home rental
🔸 Refurbishment
🔸 Land purchase
🔸 Refinancing
🔸 Overseas Solutions
