Mortgage Lender which will allow 2 lodgers in 3-bedroom house?

Kua

Hi,

Does anyone know of a lender which will allow the above? Have rung several but haven't found one. I think most operate on a 40% rule...

Many Thanks!

Yorkie1

1. Do you already own the house?
2. Are you living there presently?
3. Will you remain living there with the lodgers?
4. Are you obliged under the terms of your mortgage contract to tell your lender about lodgers anyway?
5. Are you [edit: sure] the lender doesn't think they're going to be tenants?

Kua

Yorkie1 wrote: »

1. Do you already own the house?
2. Are you living there presently?
3. Will you remain living there with the lodgers?
4. Are you obliged under the terms of your mortgage contract to tell your lender about lodgers anyway?
5. Are you the lender doesn't think they're going to be tenants?

1. Agreed a price. First time buyer. In short: no.
2. See above.
3. Yes.
4. I've assumed I'm doing the right thing by checking with them first... How do I find out if I am obliged to inform them?
5. Didn't understand the last one...

Yorkie1

Ah, sorry, missed a word out for #5!

If you can afford the mortgage without relying on any lodger income then I'm not sure that you need to let the mortgage lender know at all.

Hopefully others with more experience will be along to answer with more certainty.

Are you applying through a broker or direct by yourself?

opinions4u

Yorkie1 wrote: »

Ah, sorry, missed a word out for #5!

If you can afford the mortgage without relying on any lodger income then I'm not sure that you need to let the mortgage lender know at all.

Hopefully others with more experience will be along to answer with more certainty.

Are you applying through a broker or direct by yourself?

The conditions of the mortgage will require notification and consent.

Some would say that what they don't know won't hurt them ...

lee111s

When I applied for my mortgage the mortgage adviser kind of gave me a nudge and a wink towards the lodger issue and said they don't need to know unless you're letting out the property. The only people who you definitely need to inform are the council and your home insurance.

Leon_W

That situation would be a nudge and a wink from me.

Buy the house. Who you live with after that is your concern.

ethank

Kua wrote: »

Hi,

Does anyone know of a lender which will allow the above? Have rung several but haven't found one. I think most operate on a 40% rule...

Many Thanks!

Do you need to treat the rent you are paid as part of your income?

Kua

Leon_W wrote: »

That situation would be a nudge and a wink from me.

Buy the house. Who you live with after that is your concern.

I'm finding it very hard to know what the right thing to do is here. I'm a Christian and want to respect authority. Is there a legal obligation here, or is it simply that the mortgage providers would prefer you let them know but there is really no obligation?

Kua

ethank wrote: »

Do you need to treat the rent you are paid as part of your income?

Not sure what you mean exactly... But, mortgage providers do not treat potential lodger rent as income.

Yorkie1

Ethank means what I also asked - can you afford the mortgage on your own income, or would you need to treat the money from the lodgers as income for the purposes of having sufficient income to afford the mortgage.