Can I get a mortgage for an Airbnb property?
An Airbnb mortgage normally falls under Buy To Let or Holiday Let. This will depend on how many occupants use it and for how long throughout the year.
Important points to consider from the outset are:
Are you looking to make the entire house available to rent or just particular rooms?
If you already have a mortgage, do you need the lenders ‘consent to let’ before becoming an Airbnb host?
How long during a calendar year will the property be available to rent on Airbnb?
Criteria from lender to lender can vary significantly, so you need to know a basic plan before you implement it
What if I have a residential mortgage?
Inform your existing lender, most residential mortgage providers do not allow Airbnb lettings without prior consent.
Renting out your entire property on Airbnb with a residential mortgage, could breach your original mortgage rules.
You could be required to change your residential mortgage to a buy to let.
If planning to rent the entire property out, talk to a broker before making a decision, that could cost you down the line.
If your intention is to rent out just one of the rooms in your house on Airbnb. Most lenders would consider this similar to taking in a lodger and likely allow it as the owner would still live in the property.
Looking to buy a property with the sole intention of renting it out, whether on Airbnb or not?
A buy to let mortgage (BTL) is usually the most appropriate form of lending for this purpose.
Most lenders will consider Airbnb type lettings on BTL mortgages.
With a restriction placed on the duration the property is available for rent during a calendar year.
Some may allow up to 90 days, and a few will allow up to 16 weeks or even six months.
For more information about BTL mortgages for Airbnb properties see Buy To Let page or get in touch and we can discuss what you are looking to achieve.
Can I use a holiday let mortgage for an Airbnb property in the UK?
Holiday let mortgages are regarded by lenders as the most appropriate form of lending for Airbnb.
As Airbnb is usually rented out on a short-term basis.
Most new holiday let type mortgages are now being launched with Airbnb hosts in mind.
If you’d like to know more about what type of mortgages would best suit your Airbnb property, get in touch.
Which mortgage lenders allow Airbnb properties?
Now normality is coming back to the market there are plenty of lenders out there.
Drop us a line and we will find you the solution.