London Mortgage and Renting a Room

CharlieJ15420

Hello,
I am currently looking at purchasing a 2 bed flat in London. The main basis of this is that I have a friend who I would rent a room out to and his rent would go towards paying the monthly mortgage payment. When requesting a mortgage from a lender, would my chance of borrowing go up or down if I told them this. Either up because I'd be getting more income per month or down because I'd be reliant on someone else to help pay the mortgage?

I would be able to afford to pay the mortgage back on my own (albeit living on the bread-line) as I know they would want to know that if circumstances changed and I couldn't rent it out for a month or two they would want evidence of that.

Is planning on renting a room out also something that you have to state to a mortgage lender?

Many thanks

csgohan4

All mortgage decisions will be based on current data not future circumstances such as lodgers.

You will be checked you satisfy affordability criteria like anyone else.


Have a play on the lender's calculators online to see how much you can borrow