What is the best way to buy a holiday home? | Money | guardian.co.uk
Q Recently my wife and I have discussed the purchase of a holiday cottage in our village. We believe it would be a good long-term investment, as the village has visitors all year round. One of the main reasons for this is that I have no pension and have no intention of investing in one. I understand the way mortgages work when buying our own home, (my current rate is 1.25% on a £230,000 home with £130000 outstanding). But I am a little unclear about such things as buy-to-let mortgages, tax on rental income, whether or not we will own the property using a buy-to-let mortgage, also the best way to fund such a property. We are looking at investment properties within a £80,000 to £130,000 range and would prefer not to remortgage our home to raise capital as our current rate tracks the base rate plus 0.75%.
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