Mortgage Application and income from lodger

Spreadsheet_Geek

Hey,

So...I'm going to be buying a new house in 12-18 months and am currently working mega-hard in order to get the biggest deposit possible.

The problem is always going to be my salary and therefore the amount anyone will lend me.

Now, I'm well aware I can't count potential lodger earnings towards my income but...I currently have a lodger paying £4200pa. Could I submit a tax return for 12/13 then again for 13/14 (assuming lodger still here) for earnings of say £4300, pay £10 tax (assuming £4250 allowance for rent a room scheme) and would a potential lender accept this as income? (Won't do anything illegal so can easily put rent up!)

At the moment I'm going to end up with a 67% LTV as I'll only get £80-£100k mortgage on my single salary and that doesn't go far in Edinburgh :-(

Thanks for any help!

Ps...lodger may or may not move with me and when I do move, current property would be on B2L and potentially earn same net income (give or take!) as lodger income!

Let_Us_See

Very unlikely as the lender will ask for proof and source of additional income and, as you have already said, income from lodger not acceptable for mortgage purposes.

Spreadsheet_Geek

Let_Us_See wrote: »

Very unlikely as the lender will ask for proof and source of additional income and, as you have already said, income from lodger not acceptable for mortgage purpopses.

Urgh, that's rubbish :-(

Thanks though!