Get Up to £15k: New Scheme Pays Londoners to Rent Out Spare Rooms

In a city grappling with high living costs and a chronic housing shortage, an innovative new scheme has launched in London, aiming to help homeowners leverage their unused space for significant financial gain. Fintech company Moovable has introduced its "Life Boost" product, allowing Londoners to receive an upfront cash lump sum of between £3,000 and £15,000 by renting out one (or a maximum of two) spare bedrooms for a period of six to 24 months.

The scheme, designed to provide a "life boost" for cash-strapped homeowners, functions differently from a traditional loan. Moovable effectively "buys" access to a future revenue stream from the spare room's rent at a discounted rate. The homeowner's lodger, referred to as a "housemate," pays rent directly to Moovable, which then uses these payments to cover the initial lump sum. Crucially, this arrangement is not classified as a loan and will have no impact on the homeowner's credit rating.

Beyond the initial lump sum, homeowners participating in the scheme will also receive a 5% share of the rent collected, paid annually in arrears. Furthermore, upon the successful completion of the contract, a 7.5% "Completion Bonus" is paid to the homeowner. For the duration of their stay, housemates will also make a monthly contribution towards household bills, with the details outlined in the initial contract. Moovable handles all administrative aspects of the arrangement, from setting expectations and house rules to managing lodger agreements and bill contributions.

"We're offering homeowners a way to unlock the value of their home without taking on debt or giving up equity," says Justin Smith, Moovable founder. "It's a completely new route to cashflow—without the credit checks or repayment stress."

The "Life Boost" scheme is currently exclusive to London, but Moovable has ambitious plans for a rapid nationwide rollout across the UK. To be eligible, the property must be the homeowner's primary residence, and applicants must undergo and successfully complete all eligibility checks. Even homeowners who already have a housemate are encouraged to apply. Applications are processed via Moovable's website, and interested individuals are advised to apply promptly as the first allocation of funds will close once filled, though applicants can register for future releases.

This initiative comes at a time when an estimated 19.5 million bedrooms across the UK lie empty, representing a significant untapped resource in the housing market. By connecting homeowners with individuals seeking affordable accommodation, Moovable aims to address both financial pressures on homeowners and the demand for flexible living solutions. The company also emphasizes its role in fostering more stable, community-led homes by thoroughly verifying housemates who will live alongside the homeowners.