Do providers take income from a lodger?

tomvandam

Will providers take my lodgers rent as income. Ie increase my borrowing potential ?

kingstreet

Not that I can think of.

There may be the odd one, somewhere.

akamustang

I read a few days ago someone that was able to have their lodgers rent counted after they obtained 3 years evidence from HMRC that it was a steady, sustainable and tax declared income.

tomvandam

akamustang wrote: »

I read a few days ago someone that was able to have their lodgers rent counted after they obtained 3 years evidence from HMRC that it was a steady, sustainable and tax declared income.

If the lodger is paying under 4 grand a year its not taxable ..I think

kingstreet

Under the Rent A Room scheme, it isn't.

http://www.hmrc.gov.uk/individuals/tmarent-a-room-scheme.shtml

Do you have a record of receiving this payment for several years?

lee111s

I doubt they will. What happens if you can't rent a room out?

tomvandam

lee111s wrote: »

I doubt they will. What happens if you can't rent a room out?

I'am already renting the room out im looking to re-mortgage.

lee111s

Yes but what happens if your lodger leaves and you can't get someone in for a couple of months for whatever reason. That's how lenders will look at it.