Buying property(holiday let) off-plan

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    Buying property(holiday let) off-plan

    I am about to reserve a plot off plan(last phase), to be built in 2023. My intention is to use it as a holiday let, but depending on the situation at that time if I had to use it as a standard BTL the numbers are still good. The builder is asking for exchanging in 28 days. Although I have experience in buying properties in the past, have never bought off plan and especially when the completion is so far away. My question is :

    - How does the mortgage offer validity work?
    - Can I change my mortgage lender before completion?
    - Am still not sure whether to buy as a owner or via ltd. Can I change my mind later after exchange but before completion?
    - Has anyone bought a new build to use it as holiday lets? Any advice would be great.

    Am thinking of contacting a property biased Accountant/Tax expert to guide on ownership(i.e. whether to own as personal but create a ltd for holiday let. Or just one Ltd to own and run). But until I do that it would be great to have your valuable inputs.


    Regards,

    #2
    Are you buying a house or flat ?
    If it's a flat, then holiday lets my not be possible under the lease.

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      #3
      It is a house. Thx

      Comment


        #4
        Don't forget the 90 day holiday let limit in London, and spreading elsewhere

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          #5
          Originally posted by Section20z View Post
          Don't forget the 90 day holiday let limit in London, and spreading elsewhere
          yes, hence I want to keep the option open of using it as standard BTL. But if I exchanged as holiday let, but changing it to a standard BTL mortgage before completion(in 18-20 months) would be an issue or not is a big question.

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            #6
            I think that would be an issue for the lender that only they could answer

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