Rent a Room

Where a borrower intends to take advantage of the rent-a-room initiative, an assessment of the feasibility must be conducted. The Society will favour applications where an ongoing lodger or shared living situation is in existence. A maximum of 50% of the anticipated rental income, can be considered when assessing affordability subject to the Society being comfortable that sufficient appetite to ‘rent a room’’ exists (for example in major cities, where single accommodation is costly). Where the LTV is in excess of 75% and income derived from the ‘rent a room’ initiative is to be considered when assessing affordability, the case must be referred to our MIG insurers.