Renting - sub-let room

cantdecide

I've shaken hands on a centrally located 3 bed duplex to live in by myself- at first anyway. I've agreed to pay the full deposit etc myself. I want to bring a mate in with me sooner rather than later to split the rent but I can afford the rent at a stretch on my own and would rather this than end up with someone unsuitable.

A few years ago, I failed to buy a house for various smaller reasons but the fact that I was living at home without the ability to be given any credit for the 'rent' I was paying, contributed. Is there a way I can sub-let the room but carry on the pretense that I live there alone without making a fool or exposing myself or my tenant?? I realise it may make me sound like a gowl but I'm not a crook and current economic conditions aside, I'd like to give myself the best opportunity of buying in the not too distant future it at all possible)

Kristopherus

Fair enough if its a gentlemen's agreement. But be assured there will be a condition in any written contract forbidding this.

cantdecide

I've explained the situation to the auctioneer who put it to the owner and hey're cool with it. I explained that I don't drink, smoke or have pets and I wouldn't live with someone who would wreck theplace or upset the neighbours.

The issue for me is how much underhandedness would have to be involved financially??

Victor

cantdecide wrote: »

The issue for me is how much underhandedness would have to be involved financially??

None. Just tell the landlord / agent that your friend Mr. XYZ is taking the spare room. Take rent from Mr. XYZ. Happy days.

MicraBoy

I can't see what the problem is here unless the lease forbids it. Since you have ok'ed it with the landlord (in current climate I'm not suprised he has no issues with it) then happy days.

The only difficulty is that you are the only name on the lease so any messing around by sub-letter will fall back on you and your deposit.

A few years ago, I failed to buy a house for various smaller reasons but the fact that I was living at home without the ability to be given any credit for the 'rent' I was paying, contributed.

I don't get your point. The lender doesn't care about this. They will look at your income versus your debts, not wether you were able to manage to pay your rent at a stretch. You won't be able to justify a bigger mortgage on that basis. Or have I completely missed your point?

cantdecide

MicraBoy wrote: »

I don't get your point. The lender doesn't care about this. They will look at your income versus your debts, not wether you were able to manage to pay your rent at a stretch. You won't be able to justify a bigger mortgage on that basis. Or have I completely missed your point?

My broker told me that renting demonstrates that i have the ability to make mortgage repayments.

With this in mind, I'm thinking about the future and when I may wish to try and get a mortgage again. If I can make it look like I've stayed in my place alone (which might happen) and paying the full rent, it will stand to me based on what i was told at the time.

MicraBoy

cantdecide wrote:

My broker told me that renting demonstrates that i have the ability to make mortgage repayments.

With this in mind, I'm thinking about the future and when I may wish to try and get a mortgage again. If I can make it look like I've stayed in my place alone (which might happen) and paying the full rent, it will stand to me based on what i was told at the time.

I think however that the amount you are paying in rent will not make any material difference to the size of mortgage. In better times perhaps it might have made some difference, but I doubt it will be be worth anything to you in the future.

I had a joint mortgage and and switched to a single mortgage. I had been paying the entire thing on my own (actually with rental income from rent-a-room). The broker told me it would stand me in good stead that I had paid the mortgage on my own for a number of years, so I guess that will apply to you in terms of rent. I don't think it really mattered how much I was paying and I don't think it influenced the amount I ended up with. That boiled down to income and debts.

Best of luck with the rental, but I would caution against taking on a rental where you are reliant on having to rent out a room. If your friend lets you down or moves out you are going to find your self with a headache. It's sort of passing the landlords problem on to you. Although granted it is easier for you to walk away, but you could end up losing the deposit etc.

Just some food for thought. Good luck!

Victor

cantdecide wrote: »

My broker told me that renting demonstrates that i have the ability to make mortgage repayments.

With this in mind, I'm thinking about the future and when I may wish to try and get a mortgage again. If I can make it look like I've stayed in my place alone (which might happen) and paying the full rent, it will stand to me based on what i was told at the time.

I think you need to behave a bit more maturely than trying to pretend you are paying more rent than you are.