Mortgages with Lodger Income
Lodger mortgages are available to individuals wishing to let a room or part of their main property to a lodger. The government’s rent a room scheme exempts some rental income from tax. However the exemption only applies to income in certain circumstances. Lodger mortgages can therefore be suitable for individuals such as first time buyers needing extra income to support their monthly mortgage payments. Nevertheless, with no full tenancy agreement with lodgers, rental income can be unpredictable, making it difficult to obtain lodger mortgages in some cases.
