Do HSBC permit their mortgage customers to have lodgers?

Spiritseeker

Hi all,

My fixed rate deal is about to come to an end at the end of June, and I would like to apply for an HSBC tracker. I just spoke with someone over the phone who will create quotes and post them out to me, but I had a specific question that she was uncertain of the answer to. I asked her if HSBC would allow me to have lodgers. I currently have 2 lodgers and never imagined this would be an issue – I live in the property, so it’s definitely not buy 2 let and that won’t change, I will always be the live in landlord while I own this property. She was extremely uncertain of the answer, and could only offer that she remembered being asked the question before and was pretty sure it was not permitted. I honestly didn’t think for a second that a lodger would cause problems – the extra income I would have expected to be a positive thing. She said she will try and find out for me, but I was not left wholly confident that whatever she tells me would be correct.

Does anyone else have any experience with an HSBC mortgage, who can tell me whether or not they permit lodgers?


Thanks in advance

catfish50

Is it leasehold or freehold?

Spiritseeker

Freehold. I'm not sure what other details you would need...it's in London, in case that affects anything?

catfish50

I was wondering, if it had been leasehold, whether it might be because of concerns about infringing the lease. But googled up another MSE thread which seems relevant -- https://forums.moneysavingexpert.com/discussion/675659

Long story short -- they could be worried about not being able to get vacant possession if they have to repossess and sell the property.

Leon_W

You should be fine and to be honest I wouldn't have even mentioned it.

Lodgers are not tenants and have very few 'rights'.

Regards