023 8045 6999 | www.complete-fs.co.uk | resi@complete-fs.co.uk What if your client finds their ideal home, but their income isn't quite enough to get the mortgage they need. Well, the Rent a Room Mortgage allows an individual applicant to borrow more by renting out a room and using the rent towards the mortgage payments.
This example explains how it works: An applicant earns £28,000pa and wants to buy a two bedroom property for £200,000. The applicant has a 20% deposit, so needs a loan of £160,000 but is struggling to find a lender to go to that loan amount because they only earn £28,000pa income.
023 8045 6999 | www.complete-fs.co.uk | resi@complete-fs.co.uk
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