Comments on: Can expected rental receipts be considered income when applying for rental property mortgage? http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/ Sell your property quick Tue, 13 Jul 2010 18:08:58 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Rush is a band http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/comment-page-1/#comment-5923 Rush is a band Sun, 02 Aug 2009 14:43:44 +0000 http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/#comment-5923 The bank will count something like 60-75% of the rental income as income for purposes of determining loan eligibility. Be careful here - if you really need the income to afford the house, then you probably can't afford it. You will likely need to carry those costs yourself on average of 1 to 2 months a year. Unless it is owner occupied rental (a duplex or something like one) then you will need a much higher downpayment and your insurance rates will be significantly higher. good luck! The bank will count something like 60-75% of the rental income as income for purposes of determining loan eligibility. Be careful here – if you really need the income to afford the house, then you probably can’t afford it. You will likely need to carry those costs yourself on average of 1 to 2 months a year.

Unless it is owner occupied rental (a duplex or something like one) then you will need a much higher downpayment and your insurance rates will be significantly higher.

good luck!

]]> By: Ross http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/comment-page-1/#comment-5922 Ross Fri, 31 Jul 2009 12:17:01 +0000 http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/#comment-5922 My lender wanted to see all income documented. I had to show them previous years taxes proving I was receiving money form my properties. Things are tight I don't know if they will consider expected income. My lender wanted to see all income documented. I had to show them previous years taxes proving I was receiving money form my properties. Things are tight I don’t know if they will consider expected income.

]]> By: Not I http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/comment-page-1/#comment-5921 Not I Thu, 30 Jul 2009 12:06:30 +0000 http://www.quickpropertysale.me.uk/mortgage/can-expected-rental-receipts-be-considered-income-when-applying-for-rental-property-mortgage/#comment-5921 yes. When I bought a 2 family house the expected rent was included as income allowing me to borrow more. yes. When I bought a 2 family house the expected rent was included as income allowing me to borrow more.

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