Why is rental income no good for residential mortgages?Make Text Bigger
Can one of your many learned members explain to me why rental income can’t be used to get a mortgage on my main residence?
Over the past few years I’ve reduced my other business to build up the rental side of things. Hubby is on a reasonable wage for working 3 days a week but on trying to re-mortgage our fixed rate deal now over several lenders say they don’t include rental income.
Surely this is crazy, our rents far exceed any mortgages on them, 2 we own outright bring in over 25k pa between them. I’ve tried to explain that being a landlord is my business and main income but they don’t want to know. I actually think that rental income is far more likely to be reliable than paid employment these days.
I just hoped those in the know could explain this thinking.
Many thanks Gillian
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