Has anyone been forbidden from putting spare room on Airbnb when asking the mortgage lender?

cinnamoncode

I've posted a similar question but didn't get many relevant responses to what I really wanted to ask. Has anyone ever had their mortgage lender deny stopped the from putting a spare bed up on Airbnb or are they quite relaxed so long you tell them first?

Browntoa

https://uk.virginmoney.com/virgin/living/article/does-airbnb-break-your-mortgage-rules/

muhandis

It depends entirely on the specific lender.

A minority of mainstream lenders allow borrowers on residential mortgages to do short-lets for a limited period. For instance Metro bank residential mortgages allow borrowers to rent out properties through Airbnb, and similar sites, for up to 90 days a year without prior approval.

Which lender are we talking about here?

cinnamoncode wrote: »

I've posted a similar question but didn't get many relevant responses to what I really wanted to ask. Has anyone ever had their mortgage lender deny stopped the from putting a spare bed up on Airbnb or are they quite relaxed so long you tell them first?

davidmcn

Like I said on your other thread, whether you even need to ask depends on what your mortgage conditions say - have you checked?

Niv

I tried to look up from my lender the same thing, but it just refers to letting out the whole place, there really is little detail on letting a room for the night on sites such as air bnb. I will be doing as Davidmcn says and checking the specific T&C's for my mortgage as the general info from the mortgage lender does not cover it.

muhandis

Check for any language around "lodgers".

Niv wrote: »

I tried to look up from my lender the same thing, but it just refers to letting out the whole place, there really is little detail on letting a room for the night on sites such as air bnb. I will be doing as Davidmcn says and checking the specific T&C's for my mortgage as the general info from the mortgage lender does not cover it.

edgex

Will your insurance cover it?

Honeylife

muhandis wrote: »

Check for any language around "lodgers".

And/Or "Boarders and Hosting" (you provide a meal or two for Boarders if you are a Host)

It is the Insurance that is the prime issue for taking in Lodgers not the mortgage provider.

Donnie2019

Got residential interest only mortgage from Santander to buy house on tourist route. Within a month started B and B renting all four rooms and sleeping out back in van. Soon went on booking.com and air bnb. No worries from Santander even after they were informed. They sent us a consent to let for free !!and have left us alone !! Don’t think they want the hassle . Seems like if keep up payments they couldn’t care less. Still on Airbnb and booking.com. Saving up to pay it off