Morgage

Katinwaa

Is it is possiable to get a morgage when you have not been in full time employment for three years? I want to go to college to study full time but my boyfriend wants to buy and sell houses as a living and he says that without being in full time employment I cant get a morgage. Sorry if i sound really dim! But I have only vauge info on morgages.

luckyfool

You don't need to be in "full time" employment per se, but only the income you do have will be taken into account for lending purposes. Generally lenders look for you to have been employed for 12 months at the time of application, with some lenders considering as little as 3 months.

betmunch

You dont need to have been in full time employment for 3 year for a mortgage.

However, if your doing up houses for a living then you would be self employed.

Even so, if hes the one doing up houses for a living then it doesnt matter what you are doing.

Katinwaa

So I have to be in full time employment? They dont consider income if I'm in full time education? I would obviously get a part time job even two or three if I could!

luckyfool

They will take into account income from a part time job, but typically only the first job. If you have other part time jobs you would need to convince the lender that they are stable and long term. i.e. Some lenders will only consider income from a 2nd job if you have been doing it for 12 months +, and even then maybe only a percentage of it.