New Buy to Let Question

Jam555s

I have my own house, with a normal mortgage with abbey
i have recently just bought another house via buy to let

is it the case that if i was to remortgage or move house, that my rental income for my buy to let house can be taken as income,

if so to what extent?

please help

silvercar

If the rental income well exceeds the mortgage on the BTL then you should be able to consider it as another income stream. What sort of multiple you will get I don't know, it won't be as much as a regular salary as there are greater risks (ie voids, maintenance on BTL property etc).

poppy10_2

The rent won't be counted as income, as it is not guaranteed each month - what if your tenants move out?

Mr_helpful

poppy10 wrote: »

The rent won't be counted as income, as it is not guaranteed each month - what if your tenants move out?

It will eventually if you have accounts. the net profit figure will be taken. Until then you would have to self certify your net profit.

lolarentt

Once you can show regular consistant income over a decent time period this should be taken into account if you wish to raise higher a mortgage on your own house. It can't be taken as guaranteed of course as you could sell the BTL, raise a higher mortgage elswhere on it, not be able to replace tenants etc etc

Dan_Collins_2

If you have a buy to let mortgage the income will be used to cover the mortgage.. This means your income does not have to cover your resi mortgage and your buy to let mortgage! If you do not have a buy to let mortgage then go with Mr Helpfuls answer!