Photo by Mortgage Holders Get a Boost with NatWest’s New Airbnb-Friendly Terms
As the UK struggles to keep up with increasing interest rates, mortgage holders are looking for new ways to supplement their income. NatWest has announced a welcome change to its mortgage terms, allowing customers to share their homes on short-term lettings platforms like Airbnb with confidence.
Home sharing has become a popular way for homeowners to earn extra income.
According to NatWest, the typical host in the UK earns almost £5,500 a year on Airbnb, enough to cover 69 percent of the average annual mortgage payment. This new flexibility in mortgage terms could be a lifeline for many homeowners struggling to make ends meet.
“At NatWest, we want to support our customers by widening their options through our proposition, including sharing their homes through sites such as Airbnb,” said Lloyd Cochrane, head of mortgages at NatWest. “By updating our policy, this will offer more flexibility and allow more people to take up the benefits of home-sharing.”
Renting out a spare room can significantly increase monthly earnings.
Research from Airbnb suggests that over three-quarters of homeowners are thinking about ways to supplement their income, with nearly half considering listing their home on a short-term lettings platform to cover the increase in monthly payments. However, 40 percent of borrowers say their mortgage provider won’t allow them to rent out their home or spare room on Airbnb.
The Rise of Home Sharing
As the cost of living continues to rise, homeowners are getting creative with ways to earn extra money. Home sharing has become an attractive option, with many homeowners turning to platforms like Airbnb to rent out their properties or spare rooms.
The average Airbnb host in the UK earns £5,500 a year.
NatWest’s new mortgage terms are a welcome change for those looking to take advantage of this opportunity. With the ability to share their homes on short-term lettings platforms, homeowners can now earn extra income to help cover mortgage payments and other living expenses.
What This Means for Mortgage Holders
This change in mortgage terms could have a significant impact on mortgage holders, providing them with a new way to supplement their income and stay ahead of rising interest rates. With the ability to rent out their homes or spare rooms on Airbnb, homeowners can now take control of their finances and make the most of their properties.
Mortgage holders can now earn extra income to cover rising mortgage payments.
As the UK continues to navigate the challenges of rising interest rates, NatWest’s new mortgage terms are a welcome boost for mortgage holders. With the flexibility to share their homes on short-term lettings platforms, homeowners can now take advantage of a new way to earn extra income and stay ahead of the game.
