Frequently Asked Questions about Rent A Room mortgages
Here are the questions we get asked a lot about our Rent A Room mortgages. If you can’t find the answer you’re looking for please contact the team via Live Chat.
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What is a lodger mortgage or lodger income mortgage?
A lodger mortgage or lodger income mortgage allows you to take in a lodger and use the income to help pay the mortgage.
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Is the Rent a Room mortgage a lodger mortgage?
Yes, this type of mortgage has various names. At Bath Building Society we call it a Rent a Room mortgage.
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Can lodger income count towards a mortgage?
Yes, a Rent a Room mortgage from Bath Building Society allows you to rent a room in the property you wish to mortgage and use the expected income as part of your affordability calculations.
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Can I get a bigger mortgage if I rent a room?
The Rent a Room mortgage we offer can enable you to take out a larger mortgage, and/or buy a larger property than you might otherwise be able to, by renting out a room to help with the affordability calculations.
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Do I need a Buy to Let mortgage to rent a room?
As long as you also reside in the property, you do not need a Buy to Let mortgage in order to rent a room. This is one of the key features of our Rent a Room mortgage.
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Do I have to tell my mortgage lender if I rent a room?
The Rent a Room mortgage we offer provides full permission to rent a room in the mortgaged property as long it is your primary residence. It is not a tenant mortgage. If you wish to rent out the property and live elsewhere, you would need a Buy to Let mortgage. You can find our Buy to Let products here.
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Can I get a Rent a Room mortgage if all of my income comes from lodgers?
No, lodger income is used in addition to your main income when calculating affordability, it cannot be your sole source of income for this mortgage product.