Lodger income for extra mortgage?

homelover_2

My partner & I are really keen to convert the attic of our Victorian home to provide another bedroom which is looking to cost around £30k. The value of the house would increase by approx £60-70k if we went ahead, along with around £400 more income per month in lodger rent, but we are at the top of our borrowing limit. We have two lodgers who cover 70% of our existing mortgage payments, but since taking out the mortgage, my partner's salary is now no more than a student bursary on a graduate medical degree.

Can anyone suggest a way for us to persuade a bank to lend us another £30k without doing the standard salary multiple, but taking into account the huge contribution of our lodgers? Adding the lodger income to my salary and multiplying it by the standard % doesn't even equal our existing mortgage value, although we can easily afford the repayments already.

Any ideas?
Many thanks

herbiesjp

Don't forget that you have to declare anyone living at the property on the mortgage application over age 17

calleyw

And pay tax if the income for rent per year is over £4250. That is total not per lodger. And not each for you and your oh.


Yours


Calley

regularsaver1

I'd doubt it as lkodgers are not g'teed income