Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
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!
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