100% Rent a Room mortgages now available
Posted on 11th April 25
We are pleased to introduce new 100% Rent a Room mortgages to our product range.
Customers can now apply for a mortgage up to 100% of the purchase price when they can commit to rent out a spare room and use the expected income in their mortgage affordability calculations to get them on the property ladder.
With a collateral security over a parental home of up to 20%, the Society currently offers three products at 100%:
- 100% Rent A Room variable for 2 years at 5.24%
- 100% Rent A Room fixed for 5 years at 5.59%
- 100% Rent A Room fixed for 2 years at 5.64%
And a further two fixed rate products at 85% LTV and one variable at 85% LTV.
Ben Hutchings, National Account Manager, said:
“Our aim is to help first time buyers get onto the property ladder and our Rent a Room mortgage does just that. The average age of a first time buyer today is 34, and with mortgage products like these we hope to make the market an easier place for people to realise their dreams of owning their own home earlier on in life.”
(You can earn up to a threshold of £7,500 a year, tax free from letting out a furnished room in your home).
