Rent-a-room, Consent To Let?

ibz75

Hi,

Does anyone know if you require a Consent To Let from your lender if you want to take advantage of the 'rent a room' scheme? Any one been through this process?

Thanks

Jowo_2

Yes, you do require permission from your lender and I imagine most give their consent since the property owner is still in residence, considerably less risky than moving out and having tenants moving in.

You also need permission from your insurer - many cover lodgers but you should check this.

http://www.landlordzone.co.uk/lodgers_rent-a-room.htm

ibz75

Jowo wrote: »

Yes, you do require permission from your lender and I imagine most give their consent since the property owner is still in residence, considerably less risky than moving out and having tenants moving in.

You also need permission from your insurer - many cover lodgers but you should check this.

QUOTE]

Thank You, Jowo

BitterAndTwisted

I have never known a home-owner who has ever requested permission from their lender before taking on a lodger. That doesn't necessarily mean they shouldn't have but I know quite a few people who've funded their mortgage payments via income from lodgers.