ASK187: How do I get the funds to develop my properties? PLUS: How much income should I show to maximise my mortgage choices?

On this week’s Ask Rob & Rob, Dave Cookson is back to answer more mortgage related questions.

Mortgage broker Dave has appeared on The Property Podcast numerous times and most recently busted some of the most common mortgage myths in conjunction with the launch of Property Hub Mortgages.

And today he’s back to answer your mortgage related questions.

The first question is from Rob (yes, another Rob!), who has two properties in his portfolio - both are based in London and have development potential. He’s pretty confident that if he does these improvements, both the rental and resale value will increase.

But how does he raise the initial funds to crack on with his plans?

Both of his properties are on a standard 75% LTV mortgage and the lenders are not allowing any further advance. Does Dave know of anything Rob can do?

The next question comes in from Hannah.

Hannah runs her own business and has the choice of how much income to take in the form of dividends, whilst leaving the rest in the business to avoid paying more tax.

She owns her home outright so doesn’t have many outgoings. But she’s heard somewhere that lenders want to see a minimum amount of personal income.

With this in mind, Hannah wants to know how much she needs to start paying herself from her business to maximise her mortgage options? She’s also been told that lenders don’t count rental income as personal income.

Is this True? Tune in to find out what Dave has to say...

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