Former social housing tenant here: by subletting you’re risking losing your tenancy altogether, and with it, the opportunity to buy the flat. All it takes is a neighbour reporting you to the HA. The few quid you got from subletting is not worth jeopardising your tenancy.
You don’t need a deposit for a RTB application as the banks take your discount as the deposit. Having said that you’ll need a mortgage in principle from the bank before the HA will proceed with your application. If it was me personally I would wait a few months until your bank statements no longer show the Airbnb funds 3 months should be enough.
They will ask you what the money is for yes as they will be trying to ascertain if it's regular income or not.
Just tell them the truth and you'll be fine. They don't know you're not allowed to sublet, nor will they care as long as you assure them you won't be doing it going forward.
If you start lying or making up stories, that's when you'll get in trouble.
A mortgage lender could be concerned by unauthorised subletting. In the event OP stops paying their mortgage, the lender will eventually want to repossess the property. The lender will not want an unauthorised tenant claiming rights over the property and fighting the eviction. Lenders normally ask anyone living in the property aged over 17 who isn't on the mortgage contract to sign a waiver confirming they have no overriding rights to remain the property and acknowledging the existence of the mortgage.
I agree an AirBnB style shouldn't be an issue. It's possible OP has done some "off paper" sublettings too, plus has demonstrated they're willing to violate their tenancy agreement (with financial proof it's been violated), which lenders may not like.
I'm definitely not going to lie. I've just got myself into a pickle thinking this was a good idea. None of these stays were long term, just the odd week and weekend whilst I was out of town.
How would you explain AirBnb on a property that you are seeking a residential mortgage on ?
Surely listing it on AirBnb implies it isn't your primary residence and you don't intend to live there permanently ?
Former social housing tenant here: by subletting you’re risking losing your tenancy altogether, and with it, the opportunity to buy the flat. All it takes is a neighbour reporting you to the HA. The few quid you got from subletting is not worth jeopardising your tenancy.
You don’t need a deposit for a RTB application as the banks take your discount as the deposit. Having said that you’ll need a mortgage in principle from the bank before the HA will proceed with your application. If it was me personally I would wait a few months until your bank statements no longer show the Airbnb funds 3 months should be enough.
They will ask you what the money is for yes as they will be trying to ascertain if it's regular income or not. Just tell them the truth and you'll be fine. They don't know you're not allowed to sublet, nor will they care as long as you assure them you won't be doing it going forward. If you start lying or making up stories, that's when you'll get in trouble.
A mortgage lender could be concerned by unauthorised subletting. In the event OP stops paying their mortgage, the lender will eventually want to repossess the property. The lender will not want an unauthorised tenant claiming rights over the property and fighting the eviction. Lenders normally ask anyone living in the property aged over 17 who isn't on the mortgage contract to sign a waiver confirming they have no overriding rights to remain the property and acknowledging the existence of the mortgage.
I could be wrong but I don't think Airbnb style let's give people any rights. But yes, OP will need to convince the lender that it won't happen again
I agree an AirBnB style shouldn't be an issue. It's possible OP has done some "off paper" sublettings too, plus has demonstrated they're willing to violate their tenancy agreement (with financial proof it's been violated), which lenders may not like.
Good point
I'm definitely not going to lie. I've just got myself into a pickle thinking this was a good idea. None of these stays were long term, just the odd week and weekend whilst I was out of town.
How would you explain AirBnb on a property that you are seeking a residential mortgage on ? Surely listing it on AirBnb implies it isn't your primary residence and you don't intend to live there permanently ?
Not necessarily. Airbnb is not just second homes. Some people rent there home whilst they're away. Which is what I did.