🏘️ Nine things to know and do to ride out the mortgage mayhem
Anyone remortgaging or buying a home for the first time may now have to prove to their lender they can afford rates of up to 9 per cent. This is because of stress tests – the method banks use to calculate whether a borrower can afford to pay their loan even if rates go up.
What this all means is that if you are with a lender who stress-tests at a rate of 3 per cent extra, you are potentially looking at a very high rate indeed. Should interest rates reach six per cent next April, as is being predicted, this could mean having to prove you can afford a rate of 9 per cent of your loan.The Government allows you to rent out a room pretty much tax free if you have a spare under the. This way you can earn £7,500 per year without having to tell HMRC about it.
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