The recent round of mortgage increases means that many homeowners are finding it increasingly difficult to meet their monthly financial commitments. Fortunately, these same rises also mean that more people are looking for inexpensive, decent quality accommodation.
Thanks to dedicated websites and accommodation services it is possible to rent out individual rooms of your house, including the spare room or even the garage. Alternatively, having checked with your mortgage lender and with the appropriate landlord insurance package, you can rent out your entire property.
As mortgage rates rise, potential homeowners retreat into the rental market, waiting for improved rates and leaving the landlord property market strong. You can now rent out individual rooms on terms that suit your needs to these potential tenants. You can rent out a single room or multiple rooms within your home, and you can choose whether you wish to lease on a temporary or permanent basis. You can even opt to give access to the rooms solely on weeknights or at weekends.
Renting out an entire property will, of course, net you a greater income than a single room would. You should ensure that your lender permits this, and you must ensure that you comply with safety regulations and have the correct kind of landlords insurance in place.
If you need help to get covered, get in touch and we can discuss your landlords insurance options and ensure that you have suitable protection for your property. Our consultants can compare quotes from the top UK insurers to get you the cover that suits your needs as a landlord, at the right price.