What sort of employment would be considered for a mortgage?

the_little_one

I thought I'd post on here whilst I organise an appointment with a Mortgage Adviser - see what the masses say!

I have a strange work situation and I don't know whether I would get laughed at if I approached a mortgage lender!

I currently have 3 contracts (jobs) within 1 large employer, they are as follows:

Job 1: Continuous contract part time hours salaried pay (low amount)
Job 2: Continuous Zero hours contract - they pay when I submit a timesheet at the emd of the month (not bad pay better than Job 1)
Job 3: Short term contract -term time only (very good pay but only Sept to July) but does get renewed each academic year.

All in all during term time I work about 38hrs a week and total approx £25k a yr.

Now if I was after a mortage and had a deposit (not looking at the moment but need to know for the furure) would a mortgage lender consider all 3 job earnings from pay slips etc and base a mortgage on that amount OR would they only consider the amounts stated in a contract i.e. Job 1 the continuous salaried (lower paid) amount because Job 2 & 3 are hourly paid contracts and have varied hours each month?


There does that make sense?


Help needed before my head explodes!

Thanks all in advance!

happybroker

it makes sense and depending on how long you have been working this arrangement, how big your deposit is likely to be, how much you are wanting to borrow, what sort of propety etc etc then it is possible at the moment but who knows what the situation will be in the future (who predicted the current state of affairs 3 years ago?).

sorry I can't give a more succinct answer....all meant with the best possible intentions.

the_little_one

Thanks - I have been in this situation a year and intend on staying in it as I really enjoy the jobs (all 3!) but when the time comes to think about getting on the ladder (or investing abroad) then I need to know whether I'd have to jack it all in and get a full time contracted job rather than the combination I have now.

Do you think a broker/Financial Advisor will be able to help if I show them my contracts and payslips etc?

_Andy_

What size deposit do you have in relation to the property values you might be thinking of?

the_little_one

_Andy_ wrote: »

What size deposit do you have in relation to the property values you might be thinking of?

I was looking at buying in the UK for £60k< and if unable to get anywhere near that from a mortgage provider then I'd consider buying a property as a holiday home in France for £40k<
I will be able to put up approx 15% maybe more as a deposit.

I live with my partner who is a home owner so we're considering property choices in order for me to invest, either abroad or a buy to let property in the UK.

It's all hypothetical at the moment!

gemma7wayne

Slightly different situation but when my husband applied to work out his affordability they take his contract hours and then 50% off all other hours as his job is a lot of overtime base.

the_little_one

May main thought was whether they consider contracted pay or take home net pay.
If my wages weren't enough to get a mortgage then would I be considered for a 'BTL Mortgage'?

I know of someone who has brought a property for rental (although they own their own home) they have no steady income, assuming they have put their propery up as security but she still has no income to support the possibility of not having rental coming in - I'm amazed that they were accepted a mortgage!

happybroker

buy to let lenders have criteria relating to minimum income for it's applicants but rely on rental income in the main for affordability calculations. Many won't ask for proof of the earned income so it sounds to me that a couple of porky pies might have been told to "make the application fit"........not good.