Money, Mortgages, Property, Consumer Affairs

Money, Mortgages

We can't raise a mortgage against our £1.25m home for our holiday let barn

We can't raise a mortgage against our £1.25m home for our holiday let barn

4/6/2020 11:36:00 AM

We can't raise a mortgage against our £1.25m home for our holiday let barn

We need £50,000 for a second bathroom but mention ‘holiday let’ and lenders just shy away

We were intending to add a second en-suite bathroom in the holiday let and hoping to take out a mortgage for around £50,000 to pay for the development. We wanted to raise a mortgage against our home which is valued at £1.25m. 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 £40,000. 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.

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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, “banks and building societies aren’t really set up to look at your fairly complex set-up and then work out if they can offer a solution. They’re looking at the criteria for the loans they’ve got on offer, and ticking off if you match”. 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.

But if you do have non-standard mortgage requirements, says Yeates, “it can be worthwhile to make use of the services of a mortgage broker” not least because “lenders will offer lower rates to brokers, than walk-up clients, for doing the hard work for them”. In your case, “the reason you’re running into problems is probably because there’s a substantial amount of land, and the holiday let, your home and the land are all on one title. The solution would be to split the title and raise the loan of £50,000 secured against just your home. Then the barn, owned on a separate title, is mortgage free and you don’t have to worry about any lenders’ concerns about holiday letting”.

And the good news is that if you did do what’s been suggested, there is a bank prepared to lend over 15 years at either a two-year fix of 1.29% or 2.44% over 10 years provided you use a broker to put the proposal to them.Alternatively, if you didn’t want to do the title split, there is a building society which could set up a bespoke mortgage deal for you, but the interest rates would be higher than with the title-split option.

Read more: The Guardian »

Oh how terribly sad boo hoo Holbornlolz Fuck off Tarquins. Get in the real world. Try to get out of the bubble occasionally!!! And I thought having to renew our mortgage deal during the current situation was anxiety inducing. Just trying to work out how to squeeze out the extra £80 a month on our reduced wages! But then I read this & I feel so much better now. 50kbathroom

go away. Holbornlolz ThoughtsAndPrayers Holbornlolz O the humanity. Considering we’re in this climate I wouldn’t suggest doing anything or taking out a loan of any kind. How lucky is the owner enjoy 😉 Holbornlolz Aimed average Guardian readers... What a shame. I’ve spent over two years renovating two derelict properties, first year’s bookings now cancelled. No support or income under the circumstances and one of the three bedroom buildings has cost less to buy and refurbish than the cost of this additional en-suite...

Holbornlolz parody account First world problems eh! Holbornlolz Champagne socialists, fuck them and you too! Holbornlolz Finger on the pulse the true hardship and daily struggles of Islington life as ever. Holbornlolz Fuckin boo hoo. Holbornlolz peakguardian Holbornlolz Is there a Justgiving page we can donate to?

Holbornlolz 50k for a 2nd bathroom FFS . Holbornlolz How tragic! You must be devastated. Is that you mr socialist corbyn Boo hoo! 1st world problems😴 To quote morrissey.... fuck the guardian Oh no the Range Rover will have to go as well! Stay strong brother👊🏻😢 I never thought in dark times such as these that it would be the Guardian providing the comedy

I’m so sorry this happened to them. The guardian are on fire recently. Top editing. My heart bleeds for them Boo Hoo Arrr the , the paper of the people. So tone-deaf. Won't someone think of the poor landlords who just rent out holiday vacation homes for a few days while the rest of the citizens worry about homeless and eviction from the apartments/homes they can barely afford living paycheck-to-paycheck?

Shit’s getting real guys Lol. Read the room, lads. Finally attention for the real victims I thought only footballers were this out of touch with reality 😱 This type of story is a real, genuine, economic concern for most Guardian Journalists, with their 2nd or 3rd homes, who want to avoid the embarrassment of asking mummy and daddy for another bailout, instead of the state, who should rightly be paying for it.

I hope you pull through. In all seriousness the Guardian and it's readers need to put their chai lattes down and get in the real fucking world. Ha! We're going to be living on my monthly TA wage of less than £900 for a family of four. I'm not too worried, we'll be ok. Talk about tone deaf. People can’t afford to bury/cremate their loved one FO

Even worse this was a letter..so.someone at the paper actually took a decision to.publish that now..on the same day they are running stories about how the poor are suffering...the fact society cannot be the same after etc. I contribute yo the guardian but gradually wondering .... You’re such a troll 🤣

So I'll timed as many have lost their jobs or are furloughed and may yet still lose them. Shame on you Can't we start a Go Fund Me for theses poor souls? Fuuuuuckin hell! 😅 Seriously?! Guardian Reader problems... Aww diddums Utter fannys I deal with on a daily basis ! 😂 Gutted for you, pal. Ooooh shocking that ✌️

Thoughts and prayers with them Ouch that must really hurt Scratch the Guardian surface and you, inevitably, find a latte Liberal somuchguardian Wow. Are there people for real ? Ultimate 1st world bollocks. While the world plummets into an epidemic and financial meltdown !! Middle Class 1st world problems. The lefty Guardian problem pages are full of these heartbreaking dilemmas...🙄

Boo fucking hoo Is that a quote from Jeremy Corbin? How utterly Islington Rearrange these letters... fcuk ffo. Classic banter. For just £3 a week you can help these poor people finish their holiday let barn. Mortgage free on a 1.25m house. Jeez my heart bleeds. Last world problems Wow really I do feel sorry for you only....1st world problems right here... And yes what a great time to put out an article like this, people have no jobs or income and Mr millionaire is moaning, so much for the Guardian being a paper of the people....

My heartfelt sympathy is elsewhere at this difficult time. Good old Labour: How tragic. Is this a joke post? Saying prayers 4U. Are you serious Guardian!? you are meant to be the good guys, taking homes from home ownership to turning them into effective hotels for profit is morally wrong! especially in these areas where the locals need them for homes TO LIVE IN

Altogether now....Aaaahhh This is a joke right? Add to that not being able to easily get black olive tapenade the world is falling apart 😂 Socialism right there. Gosh, the human tragedy of it all. thoughts and prayers FirstWorldProblems There are TWO factors involved in getting a mortgage: equity in the property (how much of the property do you actually own after mortgages are deducted) and income. These people have insufficient income. The bank want to know you’ll be able to actually pay your monthly payments.

Every guardian reader’s worst nightmare Fighting for the rights of the working class. Love the Guardian. I interrupted reading about the backlash aimed at French writers holed up in idyllic second homes for this. Said story was in, er, . Hypocrisy much? Oh piss off. I’d just like one house of my own! Eat the rich

Timing? - Life's a bitch innit 🤔🙄 What the actual f?&k Man the replies to this are so scathing they could clean a bathtub Sometimes just don’t say anything. 1st world problem Oh poor thingy Sorry, first world problem just at the moment. My heart bleeds for your first world problem....twats! The Guardian there with a bit of outrage porn

Here for the ratio Let’s see the estate. Plenty of people are looking to make their money safe as the market tanks. Oh woe is me 🤬🤬 £50,000 for an en suite. Who’s the builder? Bless! Are you sure this isn’t Megatron and HarryNoNuts whining they can’t pay back the £2 million + for frogmore riddip riddip

50k for a bathroom? Lol it must be gold and marble at that cost Not surprised! BTW, even w/ out a pandemic, NO ONE who isn't a 1% doesn't give a flying fox about a whiney little rich person trying 2 borrow £1 million! Are there two worlds operating simultaneously, and I’ve somehow slipped onto the wrong one?

Is this polly’s house ? Wanna make 💰 5⃣0⃣0⃣0⃣ real quick ❓no catches..lmk ASAP 🇨🇦 NO UPFRONT 🚫 U think ANYONE gives a flying fox about this when ppl R dying from a pandemic? Glad you’ve got the mood of the nation uppermost in your minds. Follow a star, will take you to a stable. OK. So if ALL newspapers need clickbait to survive, (I guess) this is (marginally) better than a - royal - Kardashian - we-hate-all-immigrants - blatant racism - half-of-our-country-are-bastards - Tories are amazing & can do no wrong - shit-on-the-poor ...thing.

First world problems ? You guys are just trolling us now right? If you can't obtain a mortgage against a £1.25m property then the problem is either you, the property or what you already have secured against it. It's not the fault of the lender. Oo shucks. ... 🎻 Oh no how terrible 😀😀😀 You guys on really powerful hallucinogens..

I’d expect this sort of comment bait from Telegraph, but not from you guys. This shows you in your true colours. Champagne socialists, of the worse possible kind. The editor should be sacked for allowing this past his/ her desk. Boo hoo Fuck your 'holiday let.' Bad enough that the beeb puts out a prog where people with a shed load of dosh are fawned on & shown expensive houses few can afford. Now this? Tcha!

Looks like a TitaniaMcGrath piece to me... 🧐😂 Who the hell spends 50K on a bathroom? Importantly why is this seen as being an appropriate article when most people can't even get a deposit together to buy a house. Hearts bleeding here. Tragic. This is PeakGuardian Gosh, how are you going to survive. 🤡's

I've been a Guardian reader since 1991, and this has to be the most ridiculous, or at least the most ill-timed article I've ever read. Guessing you will lose half of your Loser subscribers with this single article. Lulz You can piss right off. Im stuck on ssp and have to decide between food and bills. Entitled shite like this is is salt in the wounds

🎻 my heart is broken for them Such an amateur bunch of lefties. What tragic plight indeed. Maybe you could start a crowdfunding page for us all to contribute to the proletariat serfs stuck in this invidious predicament. Who is funding this shit? Are people actually still buying this paper? Guardian - Fighting for the working class.

Bless your hearts. 😂😂😂😂 Wow, that’s a real struggle right there Perhaps the gammon working class the Guardian despise so, could take a few moments out from worrying about how they are going to put food on their children's table, to crowdfund for these poor people. Oh dear how to attract vitriol not good timing!

Oh no. How will they cope. My deepest condolences on what must be a very trying time for them. Let me just go and find the world's tiniest violin. This is the life of the typical Guardian writer/reader. edstub207 Ahh, the struggles of the working man.. Sad times all around, eh The struggle is real. The most Guardian headline ever.

£50k for a bathroom perfectly explains the problem with the housing markets today. Too many ‘supposedly rich’ people are buying multiple properties that they know they can ill afford. Holiday lets that should instead be used as family homes - why is this continuing to be allowed? victoriaross85 Is this your second home ?

This is news? Really? People can’t afford to pay their rent/mortgage and basic utilities. FirstWorldProblems I can't begin to articulate how little I care. Who gives a shit about unearned income and the way the housing market has been stacked in favour of the monied. The political class have virtually all got property portfolios making a killing out of renting and this is after getting the taxpayer funds for flipping their mortgage.

My heart bleeds for you... Nice problem to have at the best of times I bet you're having a terrible time stuck in your tiny Manor house 😬 Gee, life is tough. Oh Dear, Whatever shall we do now, in poor taste? Any suggestions Guardian? I'm sure you have. Jings, the guardian went downhill fast 😏 I'll come and squat it for free to keep the rats out. 360k for house,cottages and land. You can keep an acre to park your trailer on. Take it, you'll thank me in two years. Listen......; the music stopped.

WHAT ? redrumlisa article about me Lisa 😂😂😘 Better sell it then Boo hoo. Who decided this was a good article to print? Fucking cuckoo land Is this satire? If not please go away & give your head a wobble. Siri, what is champagne socialism? Perhaps we could organise a clap at 8pm tomorrow? RebeccaSmithers can you have a word with the editor? Do they realise how this looks to people in the real world? We are all trying to just exist.

Thoughts and prayers. Guardian problems again Hardly a socialist style problem! Oh, good heavens - it's real! With stuff like this it's little wonder they don't allow comments very much now. HELMET ALERT!! 🚨🚨🚨 I make a monthly contribution to the guardian and I'm cancelling it. carolecadwalla have a word, what the actual F*k?

Along with your other editorial,nobody gives a shit... £50k for a 2nd bathroom, your pulling my chain! 🧻🤣 Part of Guardian Real Estate company? Are you trying to get a rich American buyer for this property? This is a brilliant article, Guardian. Thank you. Now please could you do one entitled 'I can't pay the mortgage on my £185,000 home because my partner, who has just died from Covid 19, didnt have any life insurance and I've just lost my job'?

Well I guess they can’t kick the sevants out of the barn now . billybragg struggles with these issues constantly. Glad someone is highlighting this awful situation Just get home improvement loan for remodeling and extensions Is this a (sick) joke? Forget holiday homes how about the people renting out their flats are they entitled to mortgage relief or do they let there tenants who can't pay the rent, go?

the comments make this hideously tone deaf article worth it, though I imagine that was the strategy The most Guardian article of all time 🙏 Is this a joke? Not now In view of their tragic bathroom situation, it's fortunate that I couldn't give a shit. Dear , I am finding it difficult to find an engineer willing to fix the jacuzzi in my swimming pool annex. They are all hiding behind this virus thing. Is there some imaginative scheme which might help me return a dip in the fizzy water to my daily routine?

We need £50,000 for a second bathroom...... ...really I blame Dick Strawbridge And Angel Boohoo. Who is gonna give a crapmabout these kinds of people? The guardian really is just for rich middle classes, isn't it Jesus........... For the many..champagne socialism at its best Is this a joke? when people are really feeling the pinch, you publish this? Really disappointed - appalling timing and lack of empathy. I just hope it is a joke I missed

Aw, diddums. Dear Guardian, minimise the recruitment of Zehadis in your company. They will never give you true news. One shouldn't pick out one trivial, supercilious, crass article from a newspaper just to embarrass them. Oh wait, The Guardian chose to tweet this! At a time like this! I suppose you have to keep your target readership interested in what concerns them.

some people can't raise £50 to go to the supermarket please go fvck yersell Stunned ! Is this A joke? Ridiculous humans My heart bleeds. I think I can just about hear the worlds tiniest violin 🎻 playing... seriously why does this even need reporting in the current situation? prayfortheholidaylet50grandbathroomtwats

Shit got real Boo hoo, Tory rag. 50 grand and I bet they still don't put a bidet in Oh Christ the humanity!!! who cares Thoughts and prayers. Do you have a gofundme page we can ignore? OH BOO HOO You poor things 🙄 Oh dear... I can't get a mortgage for a bedsit And people say that readers are in a middle class delusional bubble. I really can’t see it.

thegrubbian This resonates with everyone during this difficult period 😳 I genuinely thought this was a spoof...🤷‍♂️😱🤡☠️🇬🇧🤡☠️🇬🇧 Lol if this isn’t an advertisement, I’m a fool... MarketingIsFun I haven’t felt this sad since my plant died please pass me the tissues...I mean TP People need to block this account for posting bait like this

Life is hard, just think what it must be like if you have no money coming in and no food. No sympathy! SupportOurLefty one for you? Oh the humanity.... Oh how I’d love that sort of problem 🙄 🎻🎻🎻🎻🎻🎻🎻🎻🎻 Is this a spoof? FFS - my heart bleeds. Absolute peak Graun Should probably give up the lattes. Thoughts and prayers going out to you at this difficult time 😂😂😂

The struggle is real Was this from April 1st? The humanity Really? This has to be a piss take... I came for the comments and they did not disappoint. I'm no Guardian reader or fan but I'm genuinely confused as to why this article is causing so much angst. The tragedy of it all. Pour out some liquor for the 'second en-suite bathroom in the holiday let'.

I hope those diamond shoes don’t pinch too much. Oh poor millionaires. The rest of us are just trying to survive. How awful. One hopes that the caviar and champers isn't running out. Guardian readers, eh? My God, they have it tough, don’t they? Boo fuckin hoo Wouldn’t you just tell the bank the new bathroom was in the main house, for you to use yourself?

thoughts & prayers They sound like typical Labour voters Oh my. The ‘lesser read’ Guardian digging out anyone with £££s. You can start with your new leader and his £3m net worth 🙄 'Why are we losing sales/readership? It honestly perplexes me.' Geez Guardian, read the room before you rent it out Really, Guardian?

Guardian clickbait. Don't fall for it! Match that PrivateEyeNews ! My heart is breaking for them NOT!!!! My heart is breaking for those who've lost loved ones. For our NHS frontline staff who still don't have PPE but are holding the hands of the dying. I've got zero sympathy for someone who can't get a loan for their £1.5m house. Selfish😡🙏😪💔

Boo fucking hoo 50k for a 2nd toilet? Are these people real? Read the room guys. Don't it make your heart bleed 🙄🙄🙄 The Guardian doing click bait tweets? Whatever next. Is the guardian turning into a parody of itself on purpose or by accident? Either way it's definitely happening. I feel your pain 🤔 I hope the nations comes out in applause this evening to show their support for these poor souls.

my heart bleeds I've only been able to eat Goose Foie gras this week because of this bloody pandemic. Is nigh-on impossible to get Swan at the moment. Florida Man diagnosed with CoronavirusPandemic said hydroxycholorquine... Read the room, guys And the guardian wonders why it’s struggling for readers 🤷🏻‍♂️

So much to say about this article, but the first thing - £50k for an en suite?! WHY? How many bathrooms do 0 guests even NEED. Read the room, Guardian, read the room. Excuse me what the fuck. Lived in a house valued at £1.25m for 3 years and are mortgage free? Looking to fund an ensuite....and you want £50k for it? Will the ensuite come with servants? What the fuck

The trials and tribulations of champagne socialism. Stupid newspaper. 🎻 My heart bleeds for them. This is a serious problem. I’m a little bit surprised the PM hasn’t done an emergency broadcast about it from his hospital bed. 1.25 million house bought 3 years ago with no mortgage and they can't raise 50,000?

Thoughts and prayers... My arse bleeds for them... Is this satire? Anyone remember what happened to Ed Spenser’s holiday home in Co Cork back in the day? C’mon you literary types, we can have fun too. Is this article a joke? I grieve for those who cannot raise the capital for a modest £50K bathroom!!!! Whaaaat?!

Poor souls! How will they survive. I can’t find the ‘couldn’t give a shit’ button Hey arusbridger, seen what they’ve done to your paper? Ok, Guardian! This time we’re through! Good to see The Guardian being the voice for its impoverished readership Oh fuck aff Jesus Chris this has to be a belated April Fools no?

1 Newspaper, 4 countries, same issue, different headlines. 'the guardian is left wing' lol I can't let my cottage in Tuscany at all at the moment. People are talking about tradespeople being hard hit, but this is also affecting the rest of us. Ahhh diddums I think the above comments speak my mind. Oh how my heart fucking bleeds...

Not now, the guardian Have you accidentally linked a Telegraph article?

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