Renting out a room 'could shorten offset mortgage repayments'
www.moneynews.co.uk > Mortgages > Renting out a room 'could shorten offset mortgage repayments'
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Renting out a room 'could shorten offset mortgage repayments'
Fri 2nd Sep 2011
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The HSBC subsidiary argued that with new property purchases by first-time buyers remaining relatively stagnant, added to the fact that many students will be returning to university, there has never been a better time to let out a room.
It comes as first direct launches today (September 2nd) a series of new offset mortgage rates, including a three-year fixed-term rate of 3.49 at 65 per cent LTV.
"As long as all necessary precautions have been taken, having a lodger is a really easy way for homeowners to earn more cash and reduce the term of their mortgage," said senior mortgage product manager Richard Tolchard.
Additionally, the government's Rent a Room scheme means property owners can earn up to the value of £4,250 per annum tax free from rental income.
The latest residential letting survey from Rics underscored the rising competition for accommodation in the UK, especially among tenants. While the pace of new tenancies slowed in the second quarter to July, 34 per cent more surveyors reported a rise in tenant numbers rather than a fall.
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Related News : HSBC |
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