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Rent Income Question
Miss_Poohs
Posts: 630 Forumite
Not sure of the best place to ask this, but thought here for starters.
I'm renting out a house (with no mortgage on it) and want to know if this if this income can be used when Im looking for a mortgage for our family home, as our deal ends in Nov?
Ta
Miss P
I'm renting out a house (with no mortgage on it) and want to know if this if this income can be used when Im looking for a mortgage for our family home, as our deal ends in Nov?
Ta
Miss P
Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper . 
0
Comments
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The HSBC will only accept rental income if you have had tenants almost continously for three years and have full accounts.
If that's the case then they will treat the profit element - less all the rental costs - as income.0 -
Have you considered mortgaging your rental property where it is easier to offset interest against income for TAX?"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
My rental income counted when I got a BTL mortgage from the Stafford Railway BS. I had only had tenants for 18 months in a property with no mortgage. They needed to look at my income v outgoings.0
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Have you considered mortgaging your rental property where it is easier to offset interest against income for TAX?
where the purpose of the loan would be to fund a proprty which the LL will occupy as their main residence, then the loan interest is NOT eligible for offset against rental income.
the purpose of the loan is not related to the property rental business so is not allowable0 -
Well - seeing as this is my first 6 month lease with tennants I guess thats a no - it won't count toward income.
I went to a financial advisor a few months ago and he suggested I borrow money on the unmortgaged property to knock the mortgage I have on our family home down, but I couldn't see the point in that to be honest, why have 2 mortgages?
Our family home was valued at £110,000 4yrs ago so I'm guessing it would value at £100,000 - £110,000 today. The mortgage is sitting at about £53,000, so a bit of equity there.
The unmortgaged property has been valued in the region of £130,000.
I'd be grateful of any pointers.
Ta
Miss P
The current deal we have is up November-ish, so I'd be grateful of any suggestions.Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper .0
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