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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?
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.
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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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Much easier if you just give me the names.
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.
Call the PT Broker Hotline on 0333 363 6507 or email us at firstname.lastname@example.org
Thanks for the info Cat. So it looks like either Barclays or RBS.
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?
RBS will do 100% of profits
Thank you grammar, that's a pleasant surprise - and food for thought.
Yep! And if self employed it's an average of last 2 years of income (if increasing).. I use Natwest personally