Post by Monetus on Nov 4, 2015 11:04:50 GMT
I am considering getting a mortgage in the next 1-2 years for a house purchase (my first time) and as P2P is starting to become a fairly sizeable amount of yearly income I just had a couple of questions regarding how this income would be taken into account my mortgage lenders so that I can get everything in order within the next 18 months.
To put some perspective on it. My projected annual income from P2P will likely be in the mid XX,XXX range annually. I also have income from self-employment as the director of a business so will get that side handled also.
1. Would the income from P2P go under the "Interest Received From UK Banks and Building Societies" section on the SA302 form?
2. Would mortgage lenders also consider that I have assets parked inside P2P lenders when declaring total assets (i.e. the XXX,XXX that is invested?) instead of it being cash sat in the bank.
3. Do you think there is any possibility banks may not look favourably upon this income as it could be considered too "high risk"? Or would it be looked at like any other investment income if it can be proven to be relatively stable for 2 years?
Thanks a lot for your help!
To put some perspective on it. My projected annual income from P2P will likely be in the mid XX,XXX range annually. I also have income from self-employment as the director of a business so will get that side handled also.
1. Would the income from P2P go under the "Interest Received From UK Banks and Building Societies" section on the SA302 form?
2. Would mortgage lenders also consider that I have assets parked inside P2P lenders when declaring total assets (i.e. the XXX,XXX that is invested?) instead of it being cash sat in the bank.
3. Do you think there is any possibility banks may not look favourably upon this income as it could be considered too "high risk"? Or would it be looked at like any other investment income if it can be proven to be relatively stable for 2 years?
Thanks a lot for your help!
