Those homeowners that have been looking to downsize and have found there are no buyers willing to offer what they think is a fair price have another option to help them and it means staying right where they are already.  Homeowners could consider using a remortgage to renovate their current property into both a downsized living area for their use as well as a separate area for a renter or in some cases more than one renter.  The demand for rental property is offering the opportunity for a homeowner to turn their oversized property into a possible income maker through a downsize.

This option to take a remortgage and build a current property into a smaller living space as well as a landlord investment area all under one roof could be an attractive alternative to those that would otherwise lose a lot of money if they sold their home at a rock bottom level to get a buyer.

There are of course permits and regulations to look into before one should start tearing down or building up walls but it should be considered with the number of renters that are filling up waiting lists of landlords.

Households are being forced into rental properties that would have otherwise chosen to buy a property.  They cannot get approval from tight fisted lenders that are looking to avoid taking on borrowers that may default on a loan if they are more lenient and they are finding it hard to meet the high deposit requirements for the best interest rate offerings.  Since this trend is expected to last for many years and supply of rental properties is dropping a homeowner should have no problem filling a vacancy quickly should they look to enter the landlord business with the help of a remortgage.