Please complete the three sections below to find out what flatmate mortgages could mean for you, the calculate button at the bottom of the page will produce the results. (Please note flatmate mortgages are calculated using 2.5x the room rent on top of the homeowner's salary).
If lenders allowed you to include income from renting a room, you would be able to borrow a larger mortgage - enter your details below to find out how much more you could borrow: Your gross annual income: Your expected monthly income from a lodger: Your monthly commitments:
WITHOUT income from renting a room, you could borrow between:
and IF LENDERS ALLOWED income from renting a room, you could borrow between: and
Lenders currently won't allow you to declare rental income to increase the amount you can borrow. BUT taking in a lodger makes a major contribution to your budget. If you are looking to buy a home, fill in the boxes below to find out how much a lodger could contribute:
Your mortgage interest rate: Value of home you want to buy: Value of your deposit: Length of Mortgage(years): Your expected monthly income from a lodger:
You need to borrow: Your monthly mortgage payment would be: Renting a room would pay: of your monthly mortgage payment
If you already have a mortgage, fill in the boxes below to find out how much a lodger would contribute to your monthly budget
Monthly mortgage payment: Monthly income from renting a room: Renting a room would pay: of your monthly mortgage payment