Will lenders take rental income into account on a main residence?

Posted on 20 August 2008

My husband earns a regular salary but I am in between jobs.  However, we take in business students.  Can we get a mortgage taking into account the money we get from the business school?  A lot of mortgage companies do not seem to recognise this income.

Good question and in short yes I believe you probably can, however it will come down to the evidence you have of this income, how regularly you receive it and how long you have been running the school.

"Evidence" is a very loose term as some lenders are more prudent than others, Nationwide for instance will only accept accounts, tax returns and accountants reference while Standard Life will use bank statements and invoices. In the end it will always come down to affordability.

I wish you good luck with your application, but if you would like further help as it's a big market why not call one of our Charcol brokers on 0845 413 1053 they would love to help you.

 

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