Barclays has updated its lending criteria to allow borrowers to let their homes on Airbnb.
The change applies to both new and existing Barclays customers who are looking to let a room, annexe or the whole property on a short-term basis.
Barclays will not increase the rate when borrowers let their property on Airbnb, and homeowners will not need to ask for permission before making a booking. This policy change does not apply to buy-to-let mortgages customers.
The property must not be occupied by someone other than the owner for longer than 90 days in any 12-calendar month period and for no longer than 30 days consecutively by any single individual other than the owner.
Aaron Strutt, product director at Trinity Financial, says: “Most of the banks and building societies do not allow their new or existing customers do let their homes on a short-term basis. Metro Bank was the first big lender to allow borrowers to let their homes on Airbnb as it is a popular option.
"We have been waiting for more lenders to allow borrowers to do short-term lets because it is a good way to generate extra cash, and many borrowers are already doing this without realising they are breaching their lender's terms and conditions."
Borrowers must make sure their buildings insurance is not invalidated and remains in force at all times, and no local and other relevant authority regulations are breached. For Special Schemes like Help to Buy or shared ownership, borrowers may need to obtain prior permission from the Scheme provider. They may also need consent from any second charge lenders.
Airbnb provides an insurance policy that may be worth looking at before letting your home.
Call Trinity Financial on 020 7016 0790 to secure an Airbnb mortgage or book a consultation