First Time Buyers Mortgages
Rent-a-Room Mortgages
Please note that whilst you may be able to use rental income as part of an application to remortgage, these mortgages are no longer availabe to first time buyers.
How do Rent-a-Room Mortgages Work?
When
calculating your income multiples, the lender will factor in the income from
renting out a spare room. The maximum is £4,250 but may change with each tax
year.
Rent-A-Room Mortgages – Advantages
This
provides a real income stream rather than stretching income multiples or
affordability.
Rent-A-Room - Disadvantages
It also
means you only have a 95%
LTV
mortgage. There is no guarantee that you will always have a
lodger.
Lenders Specialising in Rent-A-Room
Rent-A-Room Mortgage Advice
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages