It has taken some time, but a handful of UK mortgage lenders are finally relaxing criteria to allow Airbnb arrangements on certain types of property and mortgages. So what’s going on?
A new direction
Historically, much of the mortgage market was split and a property was generally either ‘residential use’ for owner occupation only or ‘buy to let’ for rental properties, but not both. Very few lenders would consider ‘mixed usage’ to accommodate both types of occupation, and the options were virtually non-existent for those paid in a foreign currency, such as yacht crew.
However, following feedback from brokers and some developments in products a small handful of mortgage lenders will now consider allowing those with a residential mortgage who intend to use the property primarily as their home to Airbnb it for between 2-3 months of the year, on a non-permanent basis.
There are of course certain criteria to be met, and the buyers’ individual circumstances as well as the type of property being bought will be a consideration to the lender.
Options for crew
Although the UK mortgage market has some way to go, at least things are heading in the right direction, and the limited options available may provide a suitable solution for some yacht crew who may want to rent their property on an Airbnb arrangement for short periods whilst they are at sea.
Moving forward: seek some advice
We’ve been partnered with a mortgage broker for many years and their advisers fully understand the challenges faced by yacht crew when it comes to buying a property in the UK and getting a mortgage.
Getting advice and guidance from the mortgage broker at an early stage can prove to be a huge advantage when it eventually becomes time to buy a property as they can advise regarding the important aspects and considerations of homeownership and getting a mortgage.
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