Do lenders consider income from lets?

Kabby50

Hi all just a quick one...
I have a property I have let out on an AST for the last 20 months...
I am hoping to purchase another property and wondered whether lenders consider income from a let property?
Thanks in advance

GMS

Does the property have a mortgage on it?

Do you have any other source(s) of income?

Kabby50

Hi GMS thanks for reply, yes the property has a residential mortgage on it and is let with the lenders permission. Yes I am a self employed taxi driver and that is my only other scorch of income

Kabby50

And I must learn to spell scource!!

chambta

You may need to prove it's an income via tax returns. I've known underwriters request that.

Dave_Ham

Not many lenders allow you to use this an income, there are a couple but they are not best priced

Good luck

Thrugelmir

Kabby50 wrote: »

I am hoping to purchase another property and wondered whether lenders consider income from a let property?

As the incomes not guaranteed. Unlikely to be considered as reliable enough to be allowed.

holly_hobby

With 1 current BTL, you aren't yet classed as a professional landlord - which rules out the rental income source with most lenders.

If however it was unencumbered (mge free), there are lenders whom will consider a portion of the rental income (with proof of this and AST of course).

As it stands, your new purchase will be based on reqd rental income to mge ratios, and with most, but a few, a min income of 25k.

Best best is to spend an hour or so with your mge adviser and see what they can shake out for you with the paramaters you can work within.

Hope this helps

Holly