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How much are each of the lenders lending? who ignores rental property?
moneyangel22
Posts: 332 Forumite
Hi there,
Can anyone tell me how much as an income multiple each of the lenders are lending? e.g. I know RBS will lend 4.5 times joint salaries.
Also has anyone spoken to a lender who has said they do not take rental properties into account when deciding whether to lend on another property?
Can anyone tell me how much as an income multiple each of the lenders are lending? e.g. I know RBS will lend 4.5 times joint salaries.
Also has anyone spoken to a lender who has said they do not take rental properties into account when deciding whether to lend on another property?
0
Comments
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most lenders will not take rental properties into account as long as the rental income covers the mortgage for the rental; property.I am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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thanks.
How do they check what rental income you are getting for it?0 -
How do they check what rental income you are getting for it?
They ask you for detail of your other liabilities. A mortgage on another property is one. So, it automatically leads to you being asked what the rental income is and also being required to show proof of this if your income is tight.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
moneyangel22 wrote: »thanks.
How do they check what rental income you are getting for it?
The tenancy agreement/s0 -
most lenders now loan on affordability , rather than income0
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