About Our Holiday Rental Income Estimate Letter Service

Obtaining your Holiday Rental Income Estimate Letter can be a tough task, however Sykes are here with a quick, free service to make this process easier for you.

During the process of buying a holiday let with a mortgage, mortgage companies will need a Holiday Rental Income Estimate Letter, to see the potential earnings of the property before approval.

What is a Holiday Rental Income Estimate Letter?

A Holiday Rental Income Estimate Letter, also known as a letter of explanation, is usually requested by a mortgage lender to get extra information from the borrower to be able to complete the application process.

For a holiday let, lenders will need proof of the estimated gross rental income that the property could attain, to ensure that repayments for the mortgage can be met. It is essential you have support from a reputable holiday letting agent, such as Sykes Holiday Cottages, who can provide you with a credible estimation.

Mortgage lenders are currently still hesitant about accepting rentals figures on self-marketing platforms, so using a holiday letting agent such as Sykes can be vital.

How we create the Holiday Rental Income Estimate Letter

The process of creating the income estimation starts once you call our contact centre.

Please make sure you have all the information about the property before speaking to one of our property experts. This will allow us to view the property in question and discuss it with you.

You will then need to provide further details to allow us to create the Holiday Rental Income Estimate Letter, which will include:

• Full name

• Email Address

• Contact Number

• Home Address

We will also need the full address and a link to the property you are looking to buy, so we are able to view it online.

Once these details have been sent across, we can start creating the formal Holiday Rental Income Estimate Letter.

Fill out this simple form to let Sykes help create your Holiday Rental Income Estimate Letter.

Pricing the property

We will use our in-house pricing system to find a comparable property in the local area that is currently on board with us, and use this as a guide to estimate your gross rental income.

Once the pricing has been calculated, our Property Experts team will then add all of the potential figures to the letter. This will include low, medium, and high pricing during the year.

This will be the lowest weekly amount the property could generate. The middle amount, which is calculated from the second week of June, and the highest amount the property could achieve.

An estimation of how many weeks the property could be booked for is also added, this includes week-long stays as well as short breaks. The estimated yearly income will then be highlighted.

The figures will be estimations generated from the rental prices from a holiday let in the same area as yours, the amounts on the Holiday Rental Income Estimate Letter could see an increase once the property has been established.

Conclusion

A Holiday Rental Income Estimate Letter is essential in the mortgage process as it provides the lender with more information from the borrower.

It is highly recommended that you go through a holiday letting agency such as Sykes to help you through the process as mortgage providers are becoming much more hesitant to provide loans when provided with rental figures on a self-marketing basis.