Rental income not considered - any experiences?

housebuyer143

pjs493 said:

theoretica said:

It might be worth discussing this in person with the broker - as you can prove there has been a steady rental income from that property, just with the detail of who it went to.

The rent was paid into our joint account so I can demonstrate a history of regular incoming payments, but everything to do with the rental property went on my husband’s tax return because he bought it as a single man before we married. So I can provide bank statements, just not tax returns in my name. 

Unfortunately it's the profit that they would take into account if they did, and for that they need a tax return so I'm not sure you will be able to use the income by showing bank statements. Rent recieved isn't a true picture because you pay tax and maintenance etc which would reduce your overall earnings. 
. Have you considered selling the house with the tenants in it? Depending on the area, it might be easy to do this.

pjs493

housebuyer143 said:

pjs493 said:

theoretica said:

It might be worth discussing this in person with the broker - as you can prove there has been a steady rental income from that property, just with the detail of who it went to.

The rent was paid into our joint account so I can demonstrate a history of regular incoming payments, but everything to do with the rental property went on my husband’s tax return because he bought it as a single man before we married. So I can provide bank statements, just not tax returns in my name. 

Unfortunately it's the profit that they would take into account if they did, and for that they need a tax return so I'm not sure you will be able to use the income by showing bank statements. Rent recieved isn't a true picture because you pay tax and maintenance etc which would reduce your overall earnings. 
. Have you considered selling the house with the tenants in it? Depending on the area, it might be easy to do this.

That’s certainly one option and might be the reason why I sell it sooner rather than later. The tenants are great and would be an asset to a new landlord. If the buyer wants to keep it long term, there are other, almost identical properties, in the same development that come up for sale periodically. So it’s not as if the tenants are going to lose their dream home if I sell to someone who wants to let it out long term.