Do all lenders view rental income as 'secondary'..?

Charlton_King

holly_hobby wrote: »

Nationwide only consider (a portion) of rental income, if it is derived from a a mge free (unencumbered) property - as already stated. Of which you have confimred is the case, in post 3. (they do require sight of tenancy agreement & proof of income recd reqd). However, the possible fly in the ointment is that the max LTV is capped at 85%, as they treat and assess the resi mge application under 2nd property criteria.

How long has the property been let for ?

Do you both declare, and submit self assessment tax returns on the rental income ?

Hope this helps

Holly

My wife and I each declare 50% of the total rental income for more than one property. We have tenancy agreements but I would have thought anyone could 'invent' these. Yes, we each do a self assessment return and each receive an HMRC SA302 Tax Calculation - surely these are what a lender wants to see, no? We can produce these for the last umpteen years.