Mortgage frustrations…..

[lje]

Got two properties, both with a mortgage.

One being lent out – earning more than the mortgage payments for both properties.

There is a belting litetime tracker mortgage with ING direct who will only accept salaried income, and not entertain the rental income.

Now, because I have already applied individually, an IFA will not touch as they will not get their commission.

What is most frustrating is that it is a re-mortgage, and been quite happily paying and making overpayments over the last couple of years.

Going to have to see an IFA I think…

If possible you might want to move to having just one mortgage, on the property which is being rented out. Then you can allow all of the interest against rental income before you calculate profit.

[Wilmslow]

If possible you might want to move to having just one mortgage, on the property which is being rented out. Then you can allow all of the interest against rental income before you calculate profit.

Wish I could, but got a cracking deal into the rental house - only 2% above the base rate for the mortgage term.

IFA adamant that only option because of the secoond house complication is a 2 year tracker.