Lodgers count as income towards mortgage?

elles_belles · 19 February 2008 at 12:15PM

Just after a little bit of advice/knowledge as to whether having a lodger would count towards income when applying for a mortgage?

If so does anybody know which morgage lenders do?

Thanks
elles_belles

Helga14 · 19 February 2008 at 1:46PM

Have you got a mortage already? I share my house with my boyfriend but he isn't on the mortgage and he pays rent/share of bills. I went to remortgage and the building society person said that was I was doing was actually against the terms of my mortgage as by recieving rent it was turning the premises into commercial premises. He certainly wouldn't count his rent as an income in order for me to get more money for the the mortgage.

If you have a lodger make sure the insurance you get would cover this.

Leon_W · 19 February 2008 at 2:00PM

elles_belles

To answer your question, no.

Lodgers can be a pretty transient bunch and lenders are not willing to allow this income. If you think about it, and say they did, there would be nothing wrong with taking in 4 or 5 lodgers, getting a dirty great big mortgage, kicking them all out and then trying to struggle along on your own. Lenders HAVE to be seen to be lending responsibly and are frequently visited by the FSA so I wouldn't want to be in their shoes when trying to explain the above scenario !!

Regards

Lodgers count as income towards mortgage?

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