lodger income

bike_saving_expert

Hi in order to get the re-mortgage + additional borrowing i want I need a lender that will take into account my lodger income. I have no other debts. My salary alone using a 5 times multiple will not get me what I need not even a 5.5 multiple. age 25. I have already spoken to my current mortgage provider.

Im sure the answers will probably be find a good broker but in reality I don't really need that.

I have tried so far

santander busy appealing with FOS
bath building society waiting to hear back on if they will consider for a re mortgage.

If anyone is aware of any other good ones to try please let me know. Happy to accept a PM.

Mr_Curious

Brokers are the ones with the answers as you say

ACG

I was about to answer, but seen as you dont need a broker.... :P

Bath building society probably isnt a bad shout, there are possibly one or 2 other building societies who may consider it. I think you will struggle on the high street. Failing that, there are a couple of other lenders who can go up to 6x income but the rates/fees would start to go up a little.

As others have said, you might actually need a broker.

Pixie5740

I thought you were a broker?

https://forums.moneysavingexpert.com/discussion/5361736

paddyandstumpy

Why are you appealing to the FOS?

fewcloudy

Pixie5740 wrote: »

I thought you were a broker?

https://forums.moneysavingexpert.com/discussion/5361736

I'd be freaking out if I came on here and saw my broker asking that...:eek::eek::eek:

bike_saving_expert

Got a new job since working as a broker. To clarify no longer in that line of work.

FOS appeal is because initially passed affordability with santander who accept lodger income then on full credit check was turned down. Checked my credit files no missed late or missed payments in 6 years of history with. I was told the application was declined because of the overall level of risk (60% LTV). They informed the level of decline was such that could not be appealed.

thanks ACG I will give a number of other building societies a call to see if any others will look at it. I found the lender doing 6 times multiple but seems like its 50k min salary on highest applicant? Or keep looking ?

YHM

Why would you appeal to the FOS because they declined you? Its their money to lend to who they want...

bike_saving_expert

Why would I appeal well because id like them to give me the mortgage I dont care what they want just what I want and if that helps me get there its worth trying.

well i complained about the reason given for the decline which i see as nonsense a computer says no kind of decision. If an underwriter had assessed the case and given me the reason I would have at least felt they had given it a fair chance and declined the risk. But to come back with a non reason and say I can't even appeal to an actual person seems unreasonable.

It their money and they can lend to who they want, at the same time they are responsible to their shareholders who would expect that the bank would be doing what it can to increase the size of the loan book. I personally hold shares in santander for now.

gycraig_2

So you are appealing to the Fos because the bank chose not to lend you EXTRA money meanwhile you can only pass affordability including a lodgers income who could move out next month, because the money you want to borrow is more than 5.5x your income ?


I can!!!8217;t see that going well to be honest.

ACG

I say this a lot, fitting criteria is part of the process, passing a credit check is part of the process, passing the underwriters discretion is also part of the process. While it is your right to complain, I think you are just wasting everyone's time because you are not getting your own way.

Do they really want to lend 5x income to someone who is reliant on lodgers income? There are far more risks involved with having a tenant/lodger. Their computer is designed to filter out a lot of cases they do not want even if it fits criteria, it happens every day to hundreds of people with all different lenders.

There is also non published criteria lenders have, which could be hidden for commercial reasons, the LTV is not the only level of risk, the last thing the lender wants is to have to repossess.


I wasnt giving you hints to go on a treasure hunt. I was just telling you there are possibly options out there. Personally I do not think you will find them without the help of a broker (happy to be proven wrong).