- To 95% Loan to Value
- Spareroom Agreement Accepted
- Maximum Rent A Room Income
- Up To Two Lodgers
- Future Lodger Income Considered
- Multiple Income Sources
- Houses and Flats
- Common Sense Underwriting
Mortgages with Lodger Income
RockHopper can assist clients who receive income from letting out spare rooms in their property.
Usually we find that clients may want to use their empty bedrooms to create extra income, with a lodger agreement in pace. Lodger income is currently tax free to a maximum level set by HMRC and may top up clients’ employed or self-employed income. Clients often tell us that lodgers offer a viable income stream when children have left home, or where they have a larger property with spare rooms which are not being used.
Typcially, clients who have lodger income tell us that they are concerned that the Banks, Building Societies or Lenders they may have approached for a mortgage or remortgage will not consider lodger income. As a result, they may have been declined for a mortgage, or offered a loan amount of much less than they require.
This can result in them losing the property they wish to purchase, or not being able to raise sufficient funds for a remortgage. Often, we are told it can take days or weeks to obtain such a
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