Tori Longdon and Jack Merrylees, a couple from London, embarked on an adventurous journey that transformed their lifestyle into something quite unorthodox. The Standard today tells their story, which starts with a spontaneous weekend trip to the Cotswolds, a region known for its idyllic landscapes and charming villages. During this trip, they encountered Bibury, a village often hailed as Britain’s most beautiful spot. The picturesque scenery of Bibury left such a profound impact on them that they decided to set up a property alert for the area, despite initially having no serious intentions of moving there.
From London Flat to Cotswold Cottage
At the time, Tori and Jack were residing in Islington, London, in a flat that Tori had purchased with her mother in 2015. Jack, who had moved in with Tori in 2020, was eager to invest in property himself after years of renting. Their casual browsing took a serious turn when they discovered a charming three-bedroom stone cottage for sale in Bilbury, Gloucestershire. Intrigued, they visited the property, finding that it met all their desires. Despite initial doubts about affordability, they made an offer of £450,000, which was surprisingly accepted. This acceptance came even though they had not secured a mortgage offer in principle, let alone started exploring financing options.
Creative Financing: The Holiday Let Mortgage
Financing the cottage posed a challenge, especially for Tori, a freelance conductor, who faced difficulties in obtaining a traditional mortgage. Jack, employed at Balfour Winery in Kent, had savings for a deposit but lacked the income for a full conventional mortgage. Their solution was a holiday let mortgage, which capitalized on the rental potential of the cottage. They planned to use the cottage as a secondary residence and rent it out when not in use.
Shifting Perspectives and New Beginnings
What started as a financial decision slowly transformed into an emotional attachment to the new property. The couple’s appreciation for the community, friends, and the tranquil lifestyle in the countryside gradually changed their outlook. The cottage, initially intended as a holiday let business, became a home that significantly altered their lives and perspectives. This shift in mindset coincided with their marriage in the summer of the same year.
Life with Two Airbnb Properties
The terms of their holiday let mortgage require the cottage to be rented out for at least a third of the year. They list it on Airbnb, with rates varying from £220 to £350 per night, based on the season. When the cottage is occupied, Tori and Jack must find alternative accommodations, which could be their Islington flat (also listed on Airbnb), staying with friends or family, or even camping. This arrangement has made them adept at packing quickly and organizing rentals efficiently.
Challenges and Rewards of a Nomadic Lifestyle
While this unique lifestyle has its perks, such as spontaneous adventures and financial benefits, it also brings challenges. The couple has had to adapt to a lack of stability and the need for constant planning due to their itinerant living arrangement. They also faced a significant increase in their mortgage payments due to rising interest rates. Despite these hurdles, Tori and Jack find contentment in their current lifestyle, embracing the balance of enjoying their dream home while managing the practicalities of their financial obligations.
In summary, Tori Longdon and Jack Merrylees’ journey from a casual trip to the Cotswolds to owning and managing two properties on Airbnb is a testament to the possibilities of creative real estate investment and adaptive living. Their experience offers insights into alternative ways of property investment and living, demonstrating how flexibility and a willingness to embrace change can lead to a fulfilling and dynamic lifestyle.