Rent a room mortgages

Found your ideal home but your income isn’t quite enough to get the mortgage you need? Your spare room can help. Our exclusive Rent A Room mortgage lets you use rental income from letting out a spare room to get the mortgage you want, and can help towards your monthly payments. This is especially useful for first time buyers who may need that income boost to get on the property ladder.

Use our affordability calculator to get an idea of how much you could borrow. This calculator will work out the maximum amount you could borrow, assuming the rental income received would cover at least 50% of the mortgage. Please contact the team if you have questions about your specific circumstances.

Affordability calculator

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Gross annual income

Applicant 1 gross annual income i

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Monthly committed expenditure i

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You could borrow up to: i

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Mortgage details

Property value i

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Mortgage amount required i

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Your loan to value is i

We’re sorry but the maximum LTV for this product is X%

Mortgage term i

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Your estimated monthly payments: i

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This is the maximum amount based on the information you provided. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

Variable mortgages

The mortgages listed below move on to our Standard Variable Rate, currently 4.9% (variable), after the initial rate period. There may be a limit on how low your interest rate can fall. This is called an ‘interest rate floor’. The interest rate floor applicable to your loan will be specified in your loan documentation.

Product name	Initial rate i	Discount from SVR i	Overall cost for comparison i	Max % LTV i	Product fee i	Mortgage repayment
80% Rent A Room variable for 3 years See example	2.99%	1.91%	4.70% APRC	80%	0.4% (£599 min)	£XXX.xx per month See details
Representative example: A mortgage of £168,000 taken out for a period of 36 years on a repayment basis. Monthly instalments: £636.29 per month for 35 months, followed by £818.41 per month for 396 months. Total amount payable: £347,617.51 Total amount of credit: £168,000 The total amount payable includes administration fee £125, valuation fee £285, product fee £672, completion fee £75 and closing fee £100. The overall cost for comparison is 4.7% representative APRC. This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personal illustration for your own particular requirements.

Fixed rate mortgages

The mortgages listed below move on to our Standard Variable Rate, currently 4.9% (variable), after the initial rate period.

Product name	Initial rate i	Overall cost for comparison i	Max % LTV i	Product fee i	Mortgage repayment
80% Rent A Room fixed for 3 years See example	3.29%	4.30% APRC	80%	0.4% (£599 min)	£XXX.xx per month See details
Representative example: A mortgage of £420,000.00 taken out for a period of 10 years on a repayment basis. Monthly instalments: £4,141.21 per month for 35 months, followed by £4,386.17 per month for 84 months. Total amount payable: £515,870.63 Total amount of credit: £420,000.00 The total amount payable includes administration fee £125, valuation fee £510, product fee £1,680, completion fee £75 and closing fee £100. The overall cost for comparison is 4.3% representative APRC. This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personal illustration for your own particular requirements.
80% Rent A Room fixed for 5 years See example	3.49%	4.0% APRC	80%	0.4% (£599 min)	£XXX.xx per month See details
Representative example: A mortgage of £405,000.00 taken out for a period of 8 years on a repayment basis. Monthly instalments: £4,885.34 per month for 59 months, followed by £5,015.30 per month for 36 months. Total amount payable: £471,215.86. Total amount of credit: £405,000.00. The total amount payable includes administration fee £125, valuation fee £510, product fee £1,620, completion fee £75 and closing fee £100. The overall cost for comparison is 4.0% representative APRC. This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personal illustration for your own particular requirements.

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