Renting a room may increase your borrowing power

Many people can find the first year, even two of their mortgage very demanding on the purse strings. A mortgage is a huge responsibility to undertake and entering into one generally means some lifestyle changes for the majority of us.

When we take on a mortgage we have entered into a legal and binding contract with our Lender and in this respect we must ensure that our side of the deal is upheld and that we maintain strict control over the repayment of our mortgage. Sometimes, first time buyers toy with the idea of taking on second jobs in order to be able to maintain their lifestyle while keeping up their mortgage repayments. In other cases, people try to borrow beyond their means so as to be able to afford their ideal home and then end up having to stay in the whole time.

Neither of these options are sound solutions. As human beings we generally want the best of both worlds. We want to be able to afford our own homes and not to have to make sacrifices in any other aspects of our lives.