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    • elles_belles
    • By elles_belles 19th Feb 08, 11:15 AM
    • 33Posts
    • 32Thanks
    Lodgers count as income towards mortgage?
    • #1
    • 19th Feb 08, 11:15 AM
    Lodgers count as income towards mortgage? 19th Feb 08 at 11:15 AM
    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?

Page 1
    • Helga14
    • By Helga14 19th Feb 08, 12:46 PM
    • 914 Posts
    • 3,372 Thanks
    • #2
    • 19th Feb 08, 12:46 PM
    • #2
    • 19th Feb 08, 12:46 PM
    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
    • By Leon W 19th Feb 08, 1:00 PM
    • 1,638 Posts
    • 1,099 Thanks
    Leon W
    • #3
    • 19th Feb 08, 1:00 PM
    • #3
    • 19th Feb 08, 1:00 PM

    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 !!


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