Air BnB Mortgage

In today's video we're going to be talking about Air BnB and what this means for Residential, Buy-to-Let and Holiday-Let applicants. 

What does Air BnB mean for Buy-to-Let and Holiday-Let applicants? 

For clients that are looking to let out their property via Air BnB, or Booking.com for that matter, for Buy-to-Let or Holiday Let it is really important to understand which lenders will allow you to do this and which will not. As not all lenders have become comfrotable letting out on this sort of basis. 

But even lenders who are comfortable letting out on this sort of basis will still assess on their traditional schemes. 

And what we mean by this is that Buy-to-Let lenders will take into account the expected market rental and AST.

Meanwhile, Holiday-Let lenders will take into account the average of the low, medium and high typical seasons. 

So, if you were thinking about letting out a proeprty via Air BnB, it is really important that you speak to your mortgage broker or adviser about your intentions so that they can ensure they source the right product for you. 

What does Air BnB mean for Residential applicants?

For residential applicants, it is really important that if you are considering letting out a room, or a whole property, that you speak to your existing lender first to esnure they allow you to do this. 

If they do, they will typically allow you to let out the property or the room for 90 days within a year. Anything longer than this will need to be considered as a consent to let.

If you are thinking about completing a purchase of a property, where you plan to let out a room via Air BnB, again, some lenders will allow you to do this but it is really important that you state your objectives as part of the application.