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BTL Mortgage
PompeyFC
Posts: 2 Newbie
Hi
Offer received and sent back for a remortgage to a BTL at the end of July
Today I had someone come round to clear the garden at the tenants house at a cost of £250.
Today is rent day and tenant was due to go down town and pay in rent. As I agreed to pay the garden clearance people cash I asked the tenant to just give me £250 cash out of the rent and pay the balance into my bank which she did.
It then occurred to me that should Barclays check again before the end of July they will see a reduced rent payment for May.
Is this likely to be an issue ? Or will a simple explanation as above be enough should they query it. In my offer it says they have made assumptions about my affordability should the rent drop at any point so it seems they are happy with my application anyway. I can afford the mortgage without the rental income to be honest
Anyone come across mortgage companies checking bank statements again pre completion? My experian credit rating is 999 out of 999 so if they just credit check all should be well.
So should I panic or will all be ok ?
Offer received and sent back for a remortgage to a BTL at the end of July
Today I had someone come round to clear the garden at the tenants house at a cost of £250.
Today is rent day and tenant was due to go down town and pay in rent. As I agreed to pay the garden clearance people cash I asked the tenant to just give me £250 cash out of the rent and pay the balance into my bank which she did.
It then occurred to me that should Barclays check again before the end of July they will see a reduced rent payment for May.
Is this likely to be an issue ? Or will a simple explanation as above be enough should they query it. In my offer it says they have made assumptions about my affordability should the rent drop at any point so it seems they are happy with my application anyway. I can afford the mortgage without the rental income to be honest
Anyone come across mortgage companies checking bank statements again pre completion? My experian credit rating is 999 out of 999 so if they just credit check all should be well.
So should I panic or will all be ok ?
0
Comments
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Dont panic, but I would keep all future rent payments through the bank and settle all invoices relating to work to your property yourself.0
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How can the tenant prove they paid you the full rent in 6/12/18 months time.
How can you prove you paid for gardening work ? When you paid cash.
If the HMRC ask to look at your books they will have a field day.
Do you have an accountant0 -
Yes it did occur to me I am doing myself out of tax relief. Asked Tennant to pay £250 into my account tomorrow. Bank transferring funds to gardener lol.
Yes have an accountant. Just got a tax rebate via self assessment:)0
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