Terrible time with council tenant and shock at how law treats landlords15:32 PM, 9th January 2019
About A week ago 40
10:48 AM, 11th May 2015
About 4 years ago
Quickly about me – I’m very much a novice. I have two properties, one a BTL in Warwickshire and the other a holiday let in Norfolk. Both are doing OK. I want to start ramping up my portfolio and am in a position to re mortgage the Warks property and release approx £60K. I can do this in October when the current mortgage deal expires.
My question relates to salary and from my understanding I need to prove a minimum £25K. At the moment I take a combination of salary and dividends each month and this equates to £28K but is obviously very tax efficient. The question is – will this be acceptable to a mortgage lender or does it have to be a fully taxed ‘proper’ PAYE income of £25K? If the latter then I assume I’ll need to get on with altering things now so that there’s a few months proof of earnings?
Any advice or experiences very much appreciated!
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More