Mortgage Application

francohoops

Hi
I'm currently in the process of applying for a mortgage. Back in Dec 2010, so 15 months ago I inherited a flat which is rented out long term to a housing association. Will banks allow me to include this as income? I read somewhere that the norm is for the income to be on 2 years tax returns.

If I were to submit my tax return for 11/12 in early April would this be sufficient? Or will they expect to see 24 months of income before I include it in the application?

Thanks for your help

Francohoops

Simon_gloster

Some will. As long as you have declared tax on the income and can be proven over what that lender classes minimum selfemployed trading you should be able to use it as a 2nd job.

Im assuming the property is mortgage free which ideall it needs to be or lenders will use the renral to offset the mortgage and not use the surplus to increase lending.