The Business Exchange Bath & Somerset Issue 13: Autumn 2019 | Page 36

Mortgages for Staycation UK
by Kevin Gray, Chief Executive of Bath Building Society
If the Government’s aim of a carbon neutral economy by 2050 is to be achieved, we are all going to have to change
the way we holiday, either by no longer taking multiple flights every year to foreign destinations, or alternatively, by
switching to less polluting forms of transport, such as high-speed rail or electric car, for travelling long distances.
The Green Party has recently campaigned to restrict flying to one return trip per individual per annum. I have never
really been a fan of flying so in future I’ll use any excuse to unilaterally adopt the ‘one flight rule’ for my holidays.
If there’s a silver lining to the cloud hanging
over our airports and budget airlines, then I
suspect that vacations in the UK are going to
become fashionable once again, especially
as boiling hot summers are becoming
the norm, even in my native Scotland. The
‘Staycation’ is here to stay!
With my 2019 summer holiday adventures
complete, it’s time to get my head down and
do some work to pay for them all. Although I
greatly enjoy my job, it’s still a rather dreary
thought that it’s going to be quite some time
before the next break. What a shame I don’t
have a holiday home somewhere near our
beautiful south coast that I could use any
weekend, where I could take the dogs, and
where I could go on the spur of the moment
for some much-needed relaxation outside
of the main holiday season. Investing in a
holiday home now might well be part of my
future retirement plan. It might also provide
me with some short breaks throughout the
year, extra income from letting, as well as
capital accumulation on the housing asset.
I have always harboured a desire to retire to
Devon or Cornwall, so I’ve been looking into
how I might achieve my dream of owning
a little bolthole without taking to the skies.
Look out Penzance… here I come!
Bath Building Society has been granting
mortgages for holiday home purchases for
many years and recently we have seen some
signs of buy-to-let investors switching their
investments out of residential letting towards
holiday letting, to take advantage of the more
generous taxation treatment of holiday home
expenses. Investment in holiday homes in
the UK can evidently make good business
sense too.
I for one will be opening a discussion with
our lending team about what is involved in
getting a holiday home mortgage from the
Society. If you have a similar desire to get
away more often in the UK, or to invest in a
holiday let, then perhaps you also need to
give the Society a call on 01225 475719.
@BathBuildingSoc
Holiday Let Mortgage from a different sort of mortgage lender
Once upon a time, there was a couple who
wanted to buy a holiday cottage by the sea...
And guess what. We made it happen for them. Their story wasn’t that different to anyone else’s, but even
if it had been, we would have listened. Everybody has their own story and we always like there to be a
‘happily-ever-after’, so get in touch and we’ll help you with the next chapter of your life.
It’s your life. It’s your story. It’s our pleasure.
To find out more, call one of our mortgage experts on 01225 475737.
www.bathbuildingsociety.co.uk
Your home may be repossessed if you do not keep up the repayments on your mortgage. Telephone calls may be recorded to help the Society to maintain high standards of service delivery. Bath Investment & Building Society is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, Registration Number 206026
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THE BUSINESS
EXCHANGE 2019
15/03/2019 12:36