Hi all
Currently living with my parents and rent my own house out and declare income via self-assessment.
Now I owe nothing on my house, and wondered what figure mortgage lenders would use. Would it be just be rental income, or wou,d they deduct expenses relating to it.
If tax year 20011-12 I got just over £4k on income, put £1.5k in expenses. Would they use the £4k or £2.5k?
I earn circa £34k and looking at a property for £175k, putting down 10% deposit. My bank first direct do 90% mortgages. If they will not offer the mortgage in my name only, I could add my sister to it.
Currently living with my parents and rent my own house out and declare income via self-assessment.
Now I owe nothing on my house, and wondered what figure mortgage lenders would use. Would it be just be rental income, or wou,d they deduct expenses relating to it.
If tax year 20011-12 I got just over £4k on income, put £1.5k in expenses. Would they use the £4k or £2.5k?
I earn circa £34k and looking at a property for £175k, putting down 10% deposit. My bank first direct do 90% mortgages. If they will not offer the mortgage in my name only, I could add my sister to it.