Nationwide mortgage - getting a lodger

dgtazzman

Hi all,

anybody have any first hand experience with getting a lodger while having a mortgage from Nationwide? Would I need their consent? How difficult are they about it?

My wife has recently left me and I am now in a 4-bed house by myself. My job means I'm also away abroad for up to 7 months a year, so I'm considering taking in a lodger for company and as a caretaker of sorts for the house while I'm away for work.

Looking at the various websites, the area I'm in seems popular with people looking for rooms/house shares as it's close to a uni, various hospitals, work hubs and commuting distance to London.

gazter

You need to make sure you don't create a tenancy with your absence.

Cyberman60

Read the terms and conditions of the mortgage.

ACG

A lodger you would not need permission, im not sure how it would be viewed though with you not being in the property 7 months a year.

Id suggest you give them a call an ask.

alberty

Pretty sweet deal for a lodger, whole house to himself for 7 months on lodger rates. I'm also thinking of briefly renting out a property I intend to live in to pay for the renovations. If I understand correctly nationwide let you rent out on a residential mortgage for 6 months for a single £30 fee so that might be an option? http://www.nationwide.co.uk/~/media/MainSite/documents/products/mortgages/m628-tariff-of-charges.pdf

dgtazzman

Still only considering options, but I'm having a hard time finding suitable buildings/contents insurance with me being away so long every year. I've contacted a few insurance brokers now to see if they can come up with something. A holiday home policy might work, as long as they don't mind the fact it is actually my main residence.

Thinking about a lodger, I fear I might miss my privacy too much as I'm already cooped up with collueges for 3 months a time while at work...

I'm sure the neighbours won't mind keeping an eye on things while I'm away, but that doesn't count as being 'occupied' and employing a professional house sitter for any extended period of time is too expensive.