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
🔸 A mixture of personal use and holiday home rental
🔸 Land purchase
🔸 Overseas Solutions
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Regalia Homes Kent Ltd
“From our first contact Compariqo’s communication was excellent. Their requirements were clear and precise and our reply’s actioned immediately, resulting in the issue of a new home warranty, problem free.
Scott was always professional yet friendly, and should the need arise we would not hesitate to use their services again.”
“I approached Compariqo as they offer a broader choice in the market place when it comes to structural warranties. The service was fast and efficient and I would recommend them to other companies needing to source a structural warranty for a new development.”
Developer, Taunton, Somerset
“After struggling for weeks with numerous brokers to find a provider for my structural warranty policy, Alex and Compariqo took complete control of the situation and sourced me a policy which enabled me to complete my remortgage. Alex in particular was excellent and kept me updated regularly. I would highly recommend Compariqo!”
“I used Compariqo after being let down by another company. Alex Flexman dealt with all my enquiries and helped me constantly through all aspects of the service. He was extremely helpful and very professional throughout the process. I would highly recommend Alex and Compariqo to any of my associates needing structural warranties.”
“If you are looking for a one stop shop solution to out of the box and standard borrowing then Compariqo Finance covers it all. Where other lenders have tried and failed Compariqo Finance will find a solution. The level of service from Thomas Naidu and colleagues is second to none. I am so grateful for their effort in finding a bespoke lender, and never gave up until we found what I needed for my complex situation. I have never had such a good experience in 25 years in the business. Thank you so much.”
“I contacted Jacqui to compare quotes on warranty companies for the conversion of the existing house into three flats. The flats all have separate entrances and the basement level has a lightwell. I found Jacqui to be very forthcoming with information, updating me regularly with correspondence she had received from the warranty companies and a delight in general to talk to. We now go to compariqo for comparisons for all warranty companies on any new developments we have coming up.”
Wow thank you for sorting this so promptly. You have saved me a lot of time & anxiety.
CSCL DEVELOPMENTS LTD
Excellent, prompt service and we will definitely be using you again during our next build. Both Steve and myself were impressed from our initial contact with Jaimie through to completion.
Jaimie explained in detail the insurance suitable and immediately emailed the contract for us to read. No sales pressure and responded when answers were required.
So, thank you again to you and your team at Compariqo.
Sandra and Steven Page