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Buy-to-Share Mortgages

from "UK Landlord" magazine, January 2007

Landlords who track the first-time buyer market may be interested to note that Stroud & Swindon, the UK's 15th largest building society, has announced a 'buy-to-share' financing option which will now be available on all its residential mortgage products, allowing buyers to let out rooms to help with the mortgage payments.

The move should help some first-time buyers to get onto the housing ladder, by making progressively larger mortgages available to those specifically intending to share a room or two.

Purchasers who use the 'Buy-to-Share' option will be allowed to add £4,250 to their annual income for the first room rented and then £2,125 for the second room.

This product is ideally suited to first-time buyers who are struggling to get onto the property ladder and are happy to share but do not want to purchase a home with friends.

Stroud & Swindon believes that this is the first time that this type of financing has been available across a provider's entire range for purchases and remortgages.

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