Rent a Room
Posted on 4 April 2017 by Leah
Does anywhere in Kent offer rent-a-room mortgages. I am on a fairly low income but would like to get a mortgage. I have a deposit which is 10% of a few properties that I am interested in. I have a friend who will be moving with me and is prepared to pay rent. Could I get a mortgage which is based on both my income and the rent I will earn from my lodger. I understand that the rent I earn is subject to tax after £4250. Thank you
I am not aware of any Lenders who currently state they will accept income from lodgers, there are a number of smaller Building Societies who will make an underwriting decision based on the individual case before them and in the right circumstances I am sure that we could get one of these to accept £4250 on top of your earned income before calculating how much they would lend. What I am not sure about is whether they will do this when you only have a 10% deposit and it may be that you need to look at either a shared ownership or shared equity property.
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