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TODAY'S OTHER NEWS

Mortgage lender launches short-term loans to landlords using AirBnB

The Tipton & Coseley Building Society is now accepting applications for second homes and holiday lets.

The launch enables borrowers to rent properties out on shorter and non-fixed-term agreements, such as AirBnB.

By taking holiday let income where there’s a proven track record into consideration, the building society has introduced additional flexibility on overall income.

The product, which applicants borrowing up to 75% loan-to-value (LTV) can access, is available on purchase and remortgage, while holiday parks and properties with local ownership restrictions are excluded.

The property can be a property let out for short periods or a second home. However, only a single second home/holiday let is allowed per applicant.

“After listening to brokers and the marketplace, we can now accept applicants who wish to let their property over a short term, including AirBnB,” Cammy Amaira, director of sales and lettings at Tipton & Coseley Building Society, said.

“The changing nature of people’s working circumstances for example, means that some tenants require shorter or more flexible rental periods.”

She added: “It therefore makes sense to accommodate landlords who wish to attract shorter term tenants.”

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