Understanding Mortgages - First time buyer

Fairly sure the answer is no said:
any idea if this is doubled when the house is shared between 2 people? surely if i get £7.5k per year, she will too? i wonder how this would then work as everyone pays the rent into a house account (in my name only), which is straight away paid to rent, bills etc.
Click to expand...

The linked page tells you but no, it's not doubled because there are two of you. It is £7,500 for this financial year which is then split between both of you.
 
Spook187 said:
Couldn't think of anything worse than sharing a house with lodgers , but whatever floats your boat.
Click to expand...

i understand how sharing once you're settled may feel off, however i see that houses are expensive, and i see that to buy one i will have to accept having people share that space with me for x amount of years. i've shared for a few years now. it has it's ups and downs, but having cheaper rent to me is such a luxury giving me more disposable income to do whatever i wish with.

Bassmansam said:
Why do you need a 3 bed house for two people?
Click to expand...

like the guy above said, rent out rooms. think of it like this. lets say we have a 1 bed house and the mortgage/rent is £900 per month. That's my partner and i paying £900 just us. if we have a 2 bed place the mortgage/rent is say £1200. we can rent out the second room for £580, more even if we rent to a couple, leaving us to pay only £620. 3 bed house, mortgage is lets say £1500, but we can now get £1160 from renting out the rooms, leaving just £340 to be paid between 2 people. makes complete sense to me.
 
A mortgage lender won't give you a mortgage based on your income + a lodger or rental income. Won't happen.

You'll need to either save a bigger deposit or move. On another note... I got my 3 bedroom house this year for 93k.
 
Fairly sure the answer is no said:
we gon't get £18k given to us in rent. it's less, but then between us 2, we pay what i consider to be almost nothing for what we have.



essentially yes, however we're yet to have a SA as it's not been that long that we've been in this property. a few months. it's also surely impossible to declare an income for a house we've not yet bought and figured out what we can rent out and charge
Click to expand...

i thought you said you would be buying the house your in or similar to it. therefore it would be same or similar rent to what your charging now.
 
dalehitchy1 said:
A mortgage lender won't give you a mortgage based on your income + a lodger or rental income. Won't happen.
Click to expand...

This will likely be the case. It has to be a sustainable income without much chance of it going missing.

Banks don't like gamblers, etc no chance of them lending money to someone who is then using that money on the hope of making money themselves out of it. What happens if you don't have a lodger for 4 months. You will be in the deep end before you know it.
 
You must log in or register to reply here.
Back
Top Bottom