Mortgage question

[Darren-krs8s]

Hi all,

Hoping the experts may be able to answer this question for me.

Me and my partner are currently employed and so have confirmed income (PAYE).

We also have a rental property with profitable income which equates to an extra 8000 (combined) which would show on an SA302 on what will be the latest return. Problem is we will only have 1 return showing this extra income and I know a lot of lenders request 2 years.

Are there any lenders who'd lend in this situation or is it a matter of talking to individual brokers at the respective banks?

Thank you

[Sarnie]

Darren-krs8s said:

Hi all,

Hoping the experts may be able to answer this question for me.

Me and my partner are currently employed and so have confirmed income (PAYE).

We also have a rental property with profitable income which equates to an extra 8000 (combined) which would show on an SA302 on what will be the latest return. Problem is we will only have 1 return showing this extra income and I know a lot of lenders request 2 years.

Are there any lenders who'd lend in this situation or is it a matter of talking to individual brokers at the respective banks?

Thank you

Most lenders won't lend against rental income, if you sold the property, the income would cease. Those that may consider it would want 2 years history and would take the actual profit figure that you pay tax against rather than the gross figures received.....

[xyz123]

If this is for residential mortgage, Have you confirmed that by excluding the rental income, you will not pass affordability criteria on ur salary alone?