#MortgageIncome #SavingsInterest #TaxableIncome
Hey everyone! 🏡💰 I have a question about income calculations for a mortgage application.
So, here’s the situation: my annual income for 23-24 was £33,000 before tax, and my savings interest added up to £2,600 before tax. HMRC shows my total earnings for the year as £35,600.
Now, I’m not sure if savings interest counts towards annual income when applying for a mortgage. Should I give £33,000 or £35,600 when filling out the application? 🤔
Here’s a possible solution that I think might work:
* Check with your mortgage lender to see how they calculate income
* Consult with a financial advisor for expert advice on this matter
Let me know your thoughts! 💭 #FinancialAdvice #MortgageHelp
Won’t you be using some of the savings that generated that interest income to say… use as the deposit for the house?
Banks generally will only look at income from things like work. Savings can be spent, interest rates can be cut – it’s not a reliable form of income.