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Can renting a room be classed as income?
Anna111
Posts: 7 Forumite
I have owned a house jointly for a few years but I am no longer 'joint' and I'm in rented accommodation.
I would like to buy at some point. I am in my 30's and don't really want a starter home but want something a bit bigger. I don't have a massive deposit (I'm currently saving some more)
My idea is to rent out a room when I do buy a house to help with the costs but can money from renting a room be put down as income on a mortgage application? I ask this because I wouldn't be able to prove it as income because I would need the mortgage to buy the house to rent the room to get the income!!
If anyone knows the answer or has any thoughts they would be appreciated
Thanks
I would like to buy at some point. I am in my 30's and don't really want a starter home but want something a bit bigger. I don't have a massive deposit (I'm currently saving some more)
My idea is to rent out a room when I do buy a house to help with the costs but can money from renting a room be put down as income on a mortgage application? I ask this because I wouldn't be able to prove it as income because I would need the mortgage to buy the house to rent the room to get the income!!
If anyone knows the answer or has any thoughts they would be appreciated
Thanks
0
Comments
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Income from a lodger wouldn't be taken into account.0
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Income from a lodger can only be factored in by some lenders when it has been received for 6months+. Hence when you are purchasing a property it is not possible to use.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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