A new platform promising upfront cash payments to homeowners in exchange for renting out spare rooms is drawing attention in the capital.
Moovable, a fintech startup launched in June, claims to offer a fresh approach to unlocking home equity — without loans, credit checks or interest repayments.
Its flagship product, Life Boost, offers homeowners a lump sum of between £3,000 and £15,000 in exchange for renting out one or two spare rooms for six to 24 months.
Uniquely, the money is not classed as a loan and is not repaid by the homeowner; instead, Moovable collects rent from a live-in lodger and recoups its costs over time.
The company’s founder, Justin Smith, says the aim is to create a new kind of financial product that enables homeowners to monetise their living space without taking on debt or selling equity.
“It’s a completely new route to cashflow — without the credit checks or repayment stress,” he said.
“TECH FOR GOOD”
Moovable’s proposition comes at a time of acute financial pressure for many households, especially in London, where housing costs remain high and real incomes are under strain. The company positions itself as a “tech-for-good” response to the problem of being “house rich but cash poor”.
Under the scheme, homeowners receive their lump sum once a suitable lodger has been approved and contracts signed. Moovable either finds the housemate or works with a lodger already known to the homeowner — such as a friend or relative — provided they meet the platform’s criteria.
In either case, the company carries out extensive checks on both parties, including ID verification, criminal background checks, and Land Registry title searches.
In addition to the initial payment, homeowners receive a small share of the monthly rent —5% paid in arrears after 12 months — as well as a 7.5% completion bonus if the agreement runs to term without issue. The lodger also contributes to household bills, with all terms set out in advance and administered by Moovable.
WIN-WIN?
Supporters of the model argue that it offers a rare win-win: homeowners gain immediate access to funds without borrowing, while renters benefit from more stable, community-based housing with the added advantage of having their rent payments reported to credit agencies—something still unusual in the UK rental sector.
Yet the offer is not without limitations. The value of the lump sum is based on Moovable’s own rent projections, and while the company takes the risk if the room underperforms or goes unlet, it also retains the upside should the rent exceed expectations. There is currently no mechanism for homeowners to benefit from above-market rents, though the firm says it is exploring a profit-sharing model for future versions of the scheme.
Moreover, while Moovable presents its service as an alternative to equity release or credit cards, some experts caution that the upfront cash comes at a price. The rent, in effect, is discounted in exchange for immediate capital — meaning homeowners may receive less over time than they would through conventional letting arrangements.
The platform’s early reception appears positive. In its own research, Moovable claims 69% of prospective first-time buyers would consider using the product, with one in four saying they would “definitely” do so.
