would renting out rooms increase your possible mortgage offer?

longwalks1

More of a theoretical question at present, I know mortgage amounts offered are a multiple of your annual income, but if you were to rent our 2 or 3 bedrooms, on 12 month minimum contracts, would a lender take this extra income into consideration (after Mr Brown takes his share etc)

For example:

Salary £40k

3 rooms @ £350pcm is another £12,600 a year, so would you get a multiple of your salary, plus income from the renting of rooms, minus any taxes?

Your thoughts?

Thrugelmir

Would not be a residential mortgage. The loan would be advanced on a commercial basis. What happens if you have no tenants , how is the mortgage repaid?

Dan_1976

If you can prove long standing letting some lenders would look. These days I would be surprised if they would in this instance.

Also you would have to have no mortgage on the let property.

JA1000

Nope - they are not interested unless you are at least a year in and have a tax return to prove.

If it is a whole let property then they will use a copy of the contract, however under this basis it is a HMO and they will not be interested.