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Barclays borrowers allowed to use homes for short-term lets

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  • 12/11/2020
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Barclays borrowers allowed to use homes for short-term lets
Customers who have a residential mortgage with Barclays will now be allowed to let their property on a short-term basis after the bank made changes to its mortgage policy.

 

Borrowers can list a room or their whole property on online platforms to be let out for a maximum of 90 days a year but for no longer than 30 days to the same person. 

To do so, they can only use short term letting platforms approved by the lender.

Mortgage holders must comply with criteria set out by Barclays, including adhering to planning law, making sure there is valid buildings insurance and following local regulations on short-term lets. 

Borrowers under the Help to Buy or shared ownership schemes also need to gain permission from the provider and may require consent from second charge lenders. 

Patrick Robinson, director of public policy at Airbnb, said he was “delighted” to see Barclays help mainstream hosting on its platform. 

He added: “Innovations like this create new economic opportunities for families and support the modern way they live, work and travel.  

“The new mortgage policy will help more people share their homes and follow their mortgage terms, which is good news for everyone.” 

 

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