Rent a room scheme for mortgage approval

Discussion in 'Mortgages and buying and selling homes' started by Finlandia, Jun 28, 2010.

  1. Finlandia

    Finlandia Frequent Poster

    Posts:
    63
    Hi I hope I have posted this in the correct forum

    I am trying everything I can think of to get mortgage approval to buy my ex out. I will talk to the bank but just wondered before I approached them if anyone has tried this before, I have someone who wants to rent a room off me through the rent a room scheme.

    Would this be classed as additional income and would the bank accept it as they no longer accept Guarantors. Any advice would be great
     
  2. niceoneted

    niceoneted Frequent Poster

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    1,913
    They did when I was applying for a mortgage a number of years ago. Not sure what they will accept now, It seems you have been in contact with them about the buy out and taking over of the mortgage. There is no harm in asking them and see what they say.
     
  3. Finlandia

    Finlandia Frequent Poster

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    63
    i was in contact over a year ago about buying out but wasnt earning enough i didnt mention the rent a room scheme as it was only suggested to me recently and wondered if anyone else has gone down this route
     
  4. kazana

    kazana Registered User

    Posts:
    39
    EBS will take future income from renting rooms into consideration on mortgage applications AIB and BOI won't.
     
  5. serotoninsid

    serotoninsid Frequent Poster

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    1,772
    UB/NIB did in '05/'07 - but I don't know if thats the case now...
     
  6. Finlandia

    Finlandia Frequent Poster

    Posts:
    63
    I will talk to the bank and let you know how i get on fingers crossed if you can think of any other way around it or have anyother suggestion i would be delighted thanks again
     
  7. lightswitch

    lightswitch Guest

    How did you get on Finlandia? and with which lender?