Metro Bank says its residential mortgage customers are now allowed to rent their properties through Airbnb and similar sites for up to 90 days a year without prior approval.
Until now it has normally been the case that owners of mortgaged properties have required the consent of their lenders before letting out through Airbnb and similar platforms - although it is a moot point as to how many owners actually sought formal agreement.
“We love what the sharing economy represents and the freedom and collaboration it encourages. Our focus is on making customers’ lives as straightforward and convenient as possible and we therefore hope today’s news will give customers the reassurance they need to take advantage” explains Paul Riseborough, the bank’s chief commercial officer.
“We hope this triggers further support from the mortgage industry as we work together to provide real economic benefits for people and neighbourhoods” according to James McClure, Airbnb’s general manager in the UK and Ireland.