Hi, thanks for the information. Question for you : I'm hoping to not have to sell any of my assets to get a mortgage. Single, I have no adverse credit and wondering what size mortgage I could expect to be offered if any ? I have around £425,000 tied up in two properties (both owned outright) plus £110,000 savings (for a deposit) but only an income of £13,000 P.A (rental income). I also have a solid guarantor. I’d be buying to live in and let out two rooms ( receiving around £1000 per month minimum). Just thought I’d ask. Thanks Sam. Deva
Hi Deva, thanks for watching! Not all lenders will accept rental income as your sole income, but there are some that are happy to consider this. This will generally be based on the figures showing on your self-employed tax calculations (SA302) over the past 2-3 years (profit from land & property). You’ll need to ensure that the particular mortgage lender would allow you to rent the rooms. Of course, as you’re looking for a residential mortgage, you must live in the property yourself too, however I can see that this is the plan. Aside from the mortgage itself, you’ll also want to consider any tax implications of having lodgers (we cannot advise on tax) - look into the ‘Rent a Room Scheme’ for more detail on this. You’ll want to ensure this is covered in your buildings insurance too. This channel is for guidance rather than advice, but if you’d like to discuss the case in detail I’d be more than happy to help - rosehillfs.com/contact-us/
How much are you looking to borrow?
Much appreciated, great video
Thanks Robert, glad its useful!
Hi, thanks for the information.
Question for you : I'm hoping to not have to sell any of my assets to get a mortgage. Single, I have no adverse credit and wondering what size mortgage I could expect to be offered if any ?
I have around £425,000 tied up in two properties (both owned outright) plus £110,000 savings (for a deposit) but only an income of £13,000 P.A (rental income). I also have a solid guarantor.
I’d be buying to live in and let out two rooms ( receiving around £1000 per month minimum).
Just thought I’d ask. Thanks Sam.
Deva
Hi Deva, thanks for watching!
Not all lenders will accept rental income as your sole income, but there are some that are happy to consider this. This will generally be based on the figures showing on your self-employed tax calculations (SA302) over the past 2-3 years (profit from land & property).
You’ll need to ensure that the particular mortgage lender would allow you to rent the rooms. Of course, as you’re looking for a residential mortgage, you must live in the property yourself too, however I can see that this is the plan. Aside from the mortgage itself, you’ll also want to consider any tax implications of having lodgers (we cannot advise on tax) - look into the ‘Rent a Room Scheme’ for more detail on this. You’ll want to ensure this is covered in your buildings insurance too.
This channel is for guidance rather than advice, but if you’d like to discuss the case in detail I’d be more than happy to help - rosehillfs.com/contact-us/
Fantastic
Great video 👍
Thanks, glad you found it useful!