www.iva.co.uk

Hi Everyone

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?

Nice to see you, hope you are well.

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.

Agreed - only the net sum is taken into account for the purpose of calculating disposable income - and don't forget any income tax due on the profit!