Airbnb is calling on banks and building societies to update their rigid mortgage policies to allow people to rent out their homes or spare rooms, especially as mortgage costs are rising and people are looking at ways to make extra money by becoming a host or holiday let owner.
A survey of 2,000 UK adults by specialist holiday let mortgage lender Together has found that 24% of Brits are considering becoming a holiday let owner, a figure which rises to 51% of 18 to 34-year-olds.
The biggest motivator is potential profits, with nearly half (48%) saying they would consider short-term holiday letting as a way of earning extra money – this is even more important to those aged 55 and over, with two in three (65%) driven by an additional source of income.
Marc Goldberg, commercial CEO at Together, said: “Staycations have been in extreme demand – with bookings reaching all-time highs this year – and their popularity looks like it’s here for the foreseeable future.
“Whether families wish to stay in the UK to control costs, avoid getting caught up in potential airport travel issues, or just want to experience the UK’s beautiful countryside, there are lots of new holiday letting opportunities cropping up as more people recognise the income benefits of becoming a full or part-time host.
“While the rewards are plenty, there are some considerations for anyone weighing this up.
“Mortgage applications for holiday let properties are not always available from mainstream lenders, so it’s worth potential holiday let owners talking to specialist lenders, who could help to turn their ambitions of becoming a host into a reality.”
