Lodgers vs Tenants?!

[M511]

I'm in the process of buying a home and due to the nature of my work I sometimes work away, so I've decided to look into getting a lodger into the property.

Upon doing my research I keep finding articles advising me to tell my mortgage lender to get "consent to let". I thought this only applied to buy-to-let mortgages or if I was wholly letting out the whole house, which this isn't?

I am also aware I need to advise my insurance provider to let them know of this lodger.

Having read around the subject, the accepted time to change a residential mortgage to a buy-to-let is 6 months. Should I tell the mortgage company during my application or wait 6 months? Can anyone advise?

[UpTheIron]

AFAIK you are fine with a regular residential mortgage and no need for consent to let or a b2l mortgage with a lodger (ie. rents a room).

[xjay1337]

A lodger shouldn't impact mortgage. I wouldn't even tell them to be honest.

[romeogolf]

You're not letting the property to a tenant, you are taking in a lodger. Thus you only need to inform your insurance provider, not your mortgage lender.

[Eric Mc]

And income from a lodger does not have to be returned to HMRC unles it exceeds £7,500 per annum -

https://www.gov.uk/rent-room-in-your-home/the-rent...

[M511]

Thanks guys! really helped out.

[brrapp]

M511 said:

Thanks guys! really helped out.

It's a great solution, especially if you work away and need someone to look after your house. Just make sure you take time to find the right person, it makes a huge difference to whether it'll work out or not.

[Sir Bagalot]

Do ensure you tell your insurance company