A lender has launched a new product which is thought to be the first mortgage explicitly aimed at borrowers who propose to short-let their properties through Airbnb or similar platforms.
The Tipton & Coseley Building Society has now released a statement saying it will now accept applications for second homes and holiday lets where borrowers wish to use Airbnb.
The building society has also introduced additional flexibility on overall income, by taking into consideration holiday let income where there’s a proven track record.
The product is available on purchase and remortgage.
“After listening to brokers and the marketplace, we can now accept applicants who wish to let their property over a short term, including Airbnb” says Cammy Amaira, director of sales and marketing at Tipton & Coseley.
“The changing nature of people’s working circumstances for example, means that some tenants require shorter or more flexible rental periods. It therefore makes sense to accommodate landlords who wish to attract shorter term tenancies” says Amaira.