Board payment as addditional income

Lemonadedrinker

I am trying to get a mortgage in principle for the property I am presently living in. My landlord wants to sell. Can i use my sons £300 a month board payment as additional payment for my income, its shown on my bank statement every month. To help me get more money on mortgage. Thanks in advance for any help 

Grumpy_chap

The OP may find this thread worth a read
https://forums.moneysavingexpert.com/discussion/6609294/can-other-houshold-income-on-cc-application-include-adult-children/p1

Mark_d

I would say you can't use this money as additional income.  This is because your sons are likely to move out of home at some point, possibly leaving you with a mortgage you're unable to keep up repayments on.

silvercar

Only way would be if your son wanted to be jointly liable for the mortgage - then you apply for a 'joint borrower, single proprietor' mortgage where only you are on the deeds and you both are on the mortgage. Only a few lenders offer these and the sticking point may be that your son will live in the property, usually they are for parents helping children get a mortgage but living elsewhere. I can't see it reasonable to ask your son to make this commitment.

If asked to list your expenses, it would be reasonable to reduce your expenses by the items that your son's board money covers eg his share of the food, any subscriptions etc as these items would reduce if he moved out.