Airbnb Mortgage
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Speak to UsAirbnb Mortgage Specialists
Airbnb has made it simple for anyone to rent out a property to holidaymakers. If you’re interested in investing in a property to let as a holiday home through Airbnb you’ll need to make sure you get the right sort of holiday let mortgage.
Our specialist Airbnb mortgage brokers can advise you on the right mortgage and are waiting to hear from you!
Airbnb Mortgage Calculators
Just complete the quick form below to ask Holly our AI Assistant to scan the market and give you an indication of what your Holiday Let Mortgage could look like.
How we can help you
When
looking for a mortgage for an Airbnb property you’ll need to provide
lenders with information about your financial circumstances. They’ll
need to know about your monthly income and expenditure, and how much
you’ll have as a deposit.
In
particular they’ll want information about your plans for the property.
This will include whether you plan to let out the whole property or just
part of it. They’ll also want to know how many weeks a year you will
make it available for rent.
Many
lenders will want to know what type of property you want to buy to let
out. Listed buildings or unusual homes are less attractive to lenders
but we can provide advice on what is possible.
We’ll help you compile all the personal and property information
lenders will need and guide you through the process of applying for your
mortgage. We’ll survey the whole mortgage market and find the right
deal for you.
Whether
you want to let out a property you already own or find a property to
invest in our expert advisers are here to help take the strain out of
the process so you can focus on planning for your first guests.
What's special about a Airbnb Mortgage?
If you want to invest in an Airbnb holiday let property you will probably need a holiday let mortgage.
These mortgages are specially designed for properties that are let out
on a short-term basis and there are products available specifically
designed for Airbnb hosts.
Holiday
let mortgage applications are considered based on your persona
financial circumstances and the commercial potential of the property.
You’ll need to provide details of your income, size of your deposit,
your credit rating and typical monthly out-goings. You’ll also need to
provide information about the type of property you want to let out, and
the potential Airbnb rental income you think you’ll generate.
If
you already have a mortgage on the property you want to rent out, check
with your current lender if that’s possible. If you intend to let out
the whole property, you might not be able to with your current mortgage.
This is because residential mortgages are offered with the intention
that the property will be your main residence. You might need to change
your mortgage to a holiday let mortgage for Airbnb.
Don’t worry, we can help you with all of this, so you can achieve your dream!
Our most frequently asked questions
We are here to help you navigate the application process and address all of the Holiday Let mortgage provider’s requirements. We will work to understand your financial position and help you to prepare all the information needed to find the right mortgage for you, including Holiday let rental projections. Please get in touch if you would like to ask us any questions
How could listing my property on Airbnb affect my existing mortgage?
Always contact your existing lender if you plan to rent out part or all of your property on Airbnb to tell them of your plans. They may want to know how many rooms will be available and for how many weeks a year. You might also have to prove that your original intention when taking out the mortgage was to live in the property and that your decision to list on Airbnb is a recent one. In most cases lenders will provide consent, for an arrangement fee.
However, some may decide to increase the interest rate on your mortgage. This happens if the lender thinks there’s an increased risk of damage to the property. They’re taking the long view. Foot traffic and wear and tear can make the property harder to sell on. If you don’t tell them what you are doing and they find out, they may force you to re-pay your mortgage, so it’s not worth the risk.
Don’t worry, we’ll help you work out the best solution for your plans and ensure you have the right mortgage, whatever happens.
How do I get the best possible mortgage rate for my Airbnb property?
As with any other type of mortgage there are many factors involved. It’s possible that you might be offered a lower holiday let mortgage rate.
The factors lenders will consider are:
- Your credit rating. If you have a poor credit rating it might still be possible to be offered a mortgage. However, the interest rate on your mortgage offer is likely to be higher than someone with a good credit rating.
- The size of your deposit. The larger your deposit typically means the lower the interest rates you are likely to be offered. You’ll need at least 20-25% deposit to start with, with rates improving up to a 40-50% deposit.
- The type of property. If the property you want to buy is non-standard, listed, or unique the higher your interest rate is likely to be. This is because lenders will see such properties as higher risk and potentially more difficult to sell on. For example, if the property has a flat roof or is in need of lots of repairs you might struggle to get a good offer.
We can help you navigate the holiday let mortgage landscape so if you’ve any queries, please get in touch.
I've already got a commercial mortgage; can I be an Airbnb host?
Commercial mortgages are designed for properties on long term lets for day-to-day business activities. They are not usually available for Airbnb property lets, however, if you have a large property portfolio it may be possible to borrow funds through a commercial mortgage. There will be certain criteria you would need to satisfy, but we can advise you and help with any application. Get in touch for an initial no obligation chat!
I already have a residential mortgage; can I be an Airbnb host?
Possibly. You must contact your current lender and let them know of your plans. Most lenders will require you to obtain their consent before letting out your property on Airbnb.
They could view you letting out your entire property as a breach of their mortgage contract and so you may need to switch to a holiday let or commercial mortgage.
We're here to help
Call our mortgage experts today on
01453 887179
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