Posted on 4 April 2011 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
We used to offer rent a room mortgages through Bradford & Bingley and Mortgage Express, neither of which are accepting new mortgage business.
Although 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.
I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.
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