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CAN I AFFORD A MORTGAGE? BATH BUILDING SOCIETY

Bath Building Society has recently launched a mortgage scheme that takes into account the income generated from renting a room in the property to increase the amount they will advance. This scheme is called Income Plus.

In this scheme Bath B/S take into account that you can earn up to £4250 per annum with no tax liability under the HMRC Rent a Room Scheme. This additional income is then taken into account to increase their lending compared to a traditional lender.

The basic details are as follows:

  • Up to 50% of the loan amount can be covered by rental income from letting a room in the property. The balance of the loan amount must be covered by income
  • The amount being covered by rent must be no more than 3 x the borrower’s income
  • A minimum of 20% deposit is required.
  • Minimum income of £20,000.
  • Tenancy under licence, borrower to take tax advice.

Based on an applicant earning £25000 who wants to buy a property at £170,000 with a 20% deposit. The loan amount of £136,000 would be outside most lenders criteria. However by letting a room at £65 per week under Income Plus this would cover £63,000 of the loan, leaving £73,000 to be covered by income.

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We will give you independent impartial advice on every mortgage from every lender.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.


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