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  • Mortgages & Finance

    Residential mortgages that count rental income?

    Are there many residential mortgages that will count rental income (from a small portfolio) towards lending?

    Crucially, assuming 3yrs SA302s will it be the average, most recent or lowest number they'll use to calculate maximum lending? Are there any that will use the most recent?

    Thanks
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    It's probably best to speak to a reputable broker about this.

    It can only be answered generically on a forum, whereas you need bespoke/individual advice.
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    (24-01-2015 09:35 PM)grammar Wrote:  Are there many residential mortgages that will count rental income (from a small portfolio) towards lending?

    Crucially, assuming 3yrs SA302s will it be the average, most recent or lowest number they'll use to calculate maximum lending? Are there any that will use the most recent?

    Thanks

    Hi. Could you please clarify, what is SA302?

    Thanks
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    Happy with generic answers for now, just want to know general process.

    (25-01-2015 10:21 AM)Tom Williams Wrote:  
    (24-01-2015 09:35 PM)grammar Wrote:  Are there many residential mortgages that will count rental income (from a small portfolio) towards lending?

    Crucially, assuming 3yrs SA302s will it be the average, most recent or lowest number they'll use to calculate maximum lending? Are there any that will use the most recent?

    Thanks

    Hi. Could you please clarify, what is SA302?

    Thanks

    "The SA302 is a brief summary of the income that has been reported to HMRC. It is effectively a certificate that documents exactly how much income you have declared. Therefore form SA302 is an easy way for a lender to verify that the income on a mortgage application is the same as you have shown to HMRC."
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