I have a query regarding income from a mortgaged let property...
We currently have a property with a mortgage and secured loan - £883/month.
This is to be let with a monthly incoming payment of £523.60
We are living in a rental property (£550/month).
My question is will the incoming rent payment be offset against the mortgage/outgoing rent, rather than seen as additional income and subject to 50% additional IVA payments?
"If you know how to spend less than you get, you have the philosopher's stone."
Benjamin Franklin
You should be allowed to pay the mortgage and secured loan from the rental payment otherwise you wouldn't be able to manage would you?
I take it your IP is in the loop with this? They would tell you if there was a problem.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
