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  • Mortgages & Finance

    Residential mortgages, rental income?

    I'm looking for a high street lender who will include 100% of rental income in their assessments.

    RBS group will include 100% but Santander, Post Office and Halifax won't.

    Off hand does anyone know if any of the others do?

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    See - *Lenders who accept income derived from letting property 

    Give the team at Property Tribes Financial Services a call on 01206 654444 and I am sure they will be able to assist you. Smile

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    Hi

    I have just carried out a criteria check via our Broker systems and I have a list of 17 residential mortgage lenders who allow rental income as primary / sole income for resi / home mortgage purposes.

    To determine if you are eligible for any of these, please contact https://www.PropertyTribesFinancialServic...contact-us for personalised advice and quotes.


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    Hi Grammar,

    I have to assume that the rental property you are referring to is actually unencumbered (no mortgage on it).  If so Clydesdale will take 100% if this is additional income (to earned income) but they will only use 65% of that 100% for affordability – a bit daft if you ask me.  Metro will if it is declared to HMRC and stipulated on your SA302s.  Halifax can (if unencumbered), as can Accord and Virgin – but they all want 2yr history evidenced by SA302s etc.  But one of the best might be Barclays.

    I hope that helps – but if the property has a mortgage on it then you will likely find that difficult to place and should talk to an independent broker.

    Cat

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    Call the PT Broker Hotline on 0333 363 6507 or email us at ptbrokers@johncharcol.co.uk


    Thanks for the info Cat. So it looks like either Barclays or RBS.

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    PT Brokers - "... the rental property you are referring to is actually unencumbered (no mortgage on it) ..."

    That's really interesting - so don't the High Street lenders go for income from mortgaged property?

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    Thank you grammar, that's a pleasant surprise - and food for thought.

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    Yep! And if self employed it's an average of last 2 years of income (if increasing).. I use Natwest personally

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