I had the same dilemma in the summer. 4 of us were learning to sail on Rutland Water and wanted self catering - opted for Manor Farm Barns in Wing, a beautiful village about 3 miles from Oakham.
The Barns are conversions, with 2 double bedrooms and a smaller rooms with 2 single beds (but not so nich), all in a lovely location. Everything was a good standard and was about £70 per night for the whole unit.
Someone called Lyndon helped us:
[email protected]
They had a website, but I can't find it now.
Beautiful part of the world - whether or not you stay at Hambleton Hall, the restaurant is fantastic.
M