Mortgage Application and Rent a room

[Meath Lady]

Hi, Just wondering do any banks take the rent a room scheme into consideration when applying for a mortgage. AIB wont and as a single applicant I am struggling to purchase. It is my intention to rent one or two rooms when/if I purchase and as I intend purchasing in Dublin city I dont expect to have a problem renting a room. Any advice or help appreciated.

 

[Black_Adder]

The obvious answer is that the Rent a Room is a projection and is also not the main income. You could also ask why dividend income isn't included etc. so the by word is presumably verifiable proof of income and the rent a room has not arisen yet. There is also the matter of AIB policy and all Credit types are gone conservative.

I would have thought that essentially they are looking for P60 type statements - so the less unusual the better.

Income multiples are easily understood if a bit crude. The advantage this time around is that they exist - there were said to exist before the crash but apparently some guru found they did not exist - and are apparently in regulations.

 

[Monbretia]

I would say taking rent a room into account as income died with the tiger.

 

[Meath Lady]

Thanks for the input.