Main site > MoneySavingExpert.com Forums > Essential Money > Mortgages & Endowments > Lodgers count as income towards mortgage? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Lodgers count as income towards mortgage?
Closed Thread
Views: 3,606
Thread Tools Search this Thread Display Modes
# 1
elles_belles
Old 19-02-2008, 11:15 AM
MoneySaving Convert
 
Join Date: Apr 2007
Posts: 33
Default Lodgers count as income towards mortgage?

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
elles_belles is offline
Report Post
# 2
Helga14
Old 19-02-2008, 12:46 PM
Serious MoneySaving Fan
 
Join Date: Sep 2007
Posts: 772
Default

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.
Helga14 is offline
Report Post
The Following User Says Thank You to Helga14 For This Useful Post: Show me >>
# 3
Leon W
Old 19-02-2008, 1:00 PM
Serious MoneySaving Fan
 
Join Date: Oct 2006
Location: Somerset
Posts: 1,496
Send a message via MSN to Leon W
Default

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
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
Leon W is offline
Report Post
The Following User Says Thank You to Leon W For This Useful Post: Show me >>
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 11:53 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 29 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSBBC RADIO 1'S LIVE LOUNGE 2014
  • TAYLOR SWIFT1989 (DELUXE)
  • ED SHEERANX (DELUXE EDITION)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.