{"id":115422,"date":"2020-04-06T13:00:50","date_gmt":"2020-04-06T06:00:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-cant-raise-a-mortgage-against-our-1-25m-home-for-our-holiday-let-barn\/"},"modified":"2020-04-06T13:04:57","modified_gmt":"2020-04-06T06:04:57","slug":"we-cant-raise-a-mortgage-against-our-1-25m-home-for-our-holiday-let-barn","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-cant-raise-a-mortgage-against-our-1-25m-home-for-our-holiday-let-barn\/","title":{"rendered":"We can't raise a mortgage against our \u00a31.25m home for our holiday let barn"},"content":{"rendered":"


\nWe need \u00a350,000 for a second bathroom but mention \u2018holiday let\u2019 and lenders just shy awayQ My wife and I jointly own a listed manor house with a number of outbuildings including a converted barn which is used as a holiday let. We own the house and all outbuildings plus about 10 acres of land. We were intending to add a second en-suite bathroom in the holiday let and hoping to take out a mortgage for around \u00a350,000 to pay for the development. We wanted to raise a mortgage against our home which is valued at \u00a31.25m. We have lived in it for three years and are mortgage free. My wife is 53 and works full time and has an annual income of \u00a340,000. I am 61 and retired, so look after the holiday let and all our gardens. Please can you advise as to what type of mortgage options would be available? We expected to be able to get a normal residential mortgage. The payment is not dependent on the holiday let income. As soon as we mention a holiday let all standard mortgage providers shy away. I cannot understand why. We have a 100% equity in our property and only require a small mortgage over, say, 15 years.JKA The reason that standard mortgage providers shy away from your pretty niche proposition is quite straightforward. According to independent mortgage advisor Luther Yeates of Clifton Private Finance, \u201cbanks and building societies aren\u2019t really set up to look at your fairly complex set-up and then work out if they can offer a solution. They\u2019re looking at the criteria for the loans they\u2019ve got on offer, and ticking off if you match\u201d. Yeates explains that high-street lenders can also find it challenging to consider other less standard areas such as ex-pat mortgages, funding for property renovation and home-owner builders, as well as people looking to borrow more than the usual 3.5 times their income. Continue reading…
\n
\nSource : theguardian.com
\nRead more…We can’t raise a mortgage against our \u00a31.25m home for our holiday let barn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We need \u00a350,000 for a second bathroom but mention \u2018holiday let\u2019 and lenders just shy...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115422","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-u1E","jetpack-related-posts":[{"id":155619,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-demand-rises-to-the-highest-level-in-over-a-month-after-holiday-adjustment\/","url_meta":{"origin":115422,"position":0},"title":"Mortgage demand rises to the highest level in over a month, after holiday adjustment","date":"June 11, 2025","format":false,"excerpt":"\r Mortgage rates rose very slightly during the holiday-shortened week, but mortgage demand took a significant leap higher.\r \r Source : cnbc.com\r Read more...Mortgage demand rises to the highest level in over a month, after holiday adjustment","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":136059,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-want-to-buy-a-seaside-flat-as-a-second-home-what-type-of-mortgage-is-best\/","url_meta":{"origin":115422,"position":1},"title":"We want to buy a seaside flat as a second home. What type of mortgage is best?","date":"April 24, 2023","format":false,"excerpt":"\r My partner and I \u2013 he is a first-time buyer \u2013 would use the property at weekends and for holiday letsQ My partner and I are buying a second home to use as a holiday home. He\u2019s a first-time buyer but I\u2019m not as I own the flat that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116603,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-mortgage-payment-holiday-extended-by-three-months\/","url_meta":{"origin":115422,"position":2},"title":"UK mortgage payment holiday extended by three months","date":"May 22, 2020","format":false,"excerpt":"\r Treasury also extends ban on home repossessions to 31 October amid Covid-19 crisisCoronavirus \u2013 latest updatesSee all our coronavirus coverageThe government has extended its mortgage payment holiday scheme by three months and the ban on home repossessions until the end of October.More than 1.8 million homeowners have taken a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102062,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-rates-drop-to-2-month-low-an-unexpected-holiday-gift-to-housing\/","url_meta":{"origin":115422,"position":3},"title":"Mortgage rates drop to 2-month low\u2014an unexpected holiday gift to housing","date":"December 7, 2018","format":false,"excerpt":"\r Mortgage rates are falling sharply, as investors head to the relative safe-haven of the bond market. The average rate on the 30-year fixed has fallen 21 basis points in the past week to 4.73 percent today, according to Mortgage News Daily.\u00a0\r \r Source : cnbc.com\r Read more...Mortgage rates drop\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119381,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/stamp-duty-holiday-stampede-drives-soaring-uk-mortgage-market\/","url_meta":{"origin":115422,"position":4},"title":"Stamp duty holiday \u2018stampede\u2019 drives soaring UK mortgage market","date":"November 30, 2020","format":false,"excerpt":"\r Approvals in October reached highest level since 2007 as buyers rush to beat deadline\r \r Source : ft.com\r Read more...Stamp duty holiday \u2018stampede\u2019 drives soaring UK mortgage market","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115116,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-coronavirus-six-month-mortgage-holiday-scheme-likely-to-stop-housing-market-fire-sale\/","url_meta":{"origin":115422,"position":5},"title":"Covid-19 coronavirus: Six-month mortgage holiday scheme likely to stop housing market 'fire sale'","date":"March 25, 2020","format":false,"excerpt":"\r The Government is promising those impacted by Covid-19 that they won't lose their homes due to the economic downturn, offering potentially tens of thousands of Kiwis a six-month mortgage holiday.The scheme, announced yesterday by...\r \r Source : nzherald.co.nz\/Property\r Read more...Covid-19 coronavirus: Six-month mortgage holiday scheme likely to stop housing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115422"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115422"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115422\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}