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Joint mortgages where one of us is a contractor
economister
Posts: 3 Newbie
Hi all,
I have a permanent job and get paid an annual salary. Let's call it 50k per year.
My fiancee works on a contracted basis for one or three months at a time, but she has been working for her current employer for over a year - they have regularly renewed the contract. Let's say she has been paid around 50k on the year, but her salary fluctuates up and down every month depending on hours.
What options do we have for buying our own home on a mortgage? Can we pool our salaries together for a mortgage or will hers not count because it's not a permanent job? Can anyone advise please?
Thanks!
I have a permanent job and get paid an annual salary. Let's call it 50k per year.
My fiancee works on a contracted basis for one or three months at a time, but she has been working for her current employer for over a year - they have regularly renewed the contract. Let's say she has been paid around 50k on the year, but her salary fluctuates up and down every month depending on hours.
What options do we have for buying our own home on a mortgage? Can we pool our salaries together for a mortgage or will hers not count because it's not a permanent job? Can anyone advise please?
Thanks!
0
Comments
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There are lenders who accept contractor incomes based on their daily rate/gross contract value.
Others will want to use her Tax Calcs/Tax Year Overviews and treat her as self-employed.
It would be worth speaking to an independent broker to establish your options.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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