Rental income for financial requirement

[blackledgeb]

Hi all,

Have a couple of questions on using rental income for the financial requirement:

- I have rental income in the UK but all the properties have mortgages. I see the wording ‘Fully Owned’ in the documentation - does this refer to the properties having no mortgages or just that the properties are not jointly owned with another individual?

- Following on from the previous question, can I use gross rental income or net (profit)? I.e. what I receive directly from my tenants prior to management fees and, more importantly, mortgage payments, maintenance etc.

I'm surprised I can't find anything in the additional guidance which states this clearly but it would seem common sense that they only allow what's left after paying the mortgage.

Any insight?

Thanks in advance!