Sell, Air bnb, rent out?

Reni2019 · 20 January 2023 at 12:53PM

Hi, hope you can help or have some suggestions.
Me and my partner both have our own properties, we live in the same area, he has a 3 bed house, I have a 2 bed bungalow. We live half of the week in my house and half of the week in his house which is a complete waste of money for us both since we always live together and 1 house is always sitting empty. I ported my previous mortgage so there is one part ending in June and the other half not ending until 2025. He is fixed for another 4 years. Would it be better to let or air bnb one of our properties out or would we not have that option without changing our mortgages and potentially facing fees? We don't really want to sell either properties as we have both worked hard for our own homes.

Thanks!

Brie · 20 January 2023 at 12:56PM

You'd have to change to a BTL mortgage I believe if you were renting either. Not sure what the situation is with AirBnBs but there's lots of rules no matter what type of landlord/hotelier you decide to be.

loveka · 20 January 2023 at 3:08PM

For holiday let, for example Air BnB, you need a specialist Holiday Let mortgage. There are not a huge amount of providers but look at Principality as an example.

For a long term secured tenancy you can ask your lender for Consent To Let on your current mortgage without changing products. I did this and then at the end of my fixed term they swapped me to a Buy To Let mortgage- check with your lender but most will do Consent To Let

Nikster73 · 26 March 2023 at 11:12AM

Can you have a consent to let / buy to let mortgage and use the property as a holiday let? Does a property that's let out on say - booking.com require a holiday let mortgage? I understand there are new requirements and you need a licence this year also.