Single Person 2 Jobs to Increase Mortgage Allowance?

Noworneva

Ok so im a single person, 21 and trying to find a mortgage with a 10k deposit.

I earn 16k a year meaning i might get 3 or 4 times that if im lucky mortgage wise..

My question is what if i were to get 2 jobs, increasing my take home pay to maybe 25k a year would that still be applicable, or would they only take into account the highest paid job?

i hope that makes sense, im trying to find a way in which i can get a mortgage. Ive looked into shared ownership but i dont really like the idea of negative equity being taken out of your half only etccc

Crashandburn

A lot would be down to the nature of the 2nd job. If its in the same field as your first job, you could argue for the lender to use 100%. If something completely different, then they will use 50-60% of the 2nd income only.

edinburgher

Everything I've read on the topic suggests that lenders will consider all sources of guaranteed income (i.e. contracted earnings). No idea why they'd only consider a percentage of a second salary?

Wh05apk

edinburgher wrote: »

Everything I've read on the topic suggests that lenders will consider all sources of guaranteed income (i.e. contracted earnings). No idea why they'd only consider a percentage of a second salary?

Because they will look at how realistic it will be for you to maintain 2 jobs, if you are working 40 hours per week, + commuting, then working 3-4 hours per night/weekends etc, the chances are you will have to give up one when it gets too much, possibly if you are a shift worker working 3 long shifts per week, then you could have time to do some extra work.

_Andy_

Do you really want to be spending most of your waking hours working just so you can buy?

Noworneva

Thanks for your replies..the idea wasnt to maintain the job for that long but just until i moved in the flat..as i go to uni at night most days..

hmm guess ill just have to keep saving

redlady_1

I have two jobs. I looked into a mortgage with Nationwide and they said I had to be employed by the second employer for 6 months. However, I have just remortgaged with Nat West (saving myself a shed load of cash) and they never even asked how long I had worked for my second employer. Both of my jobs are in different fields and Nat West just doubled the income from No2 for the proposed annual salary. Both salaries were taken into account. That said, I did only want 75% LTV so whether that made a difference, I couldnt tell you.

However, you do need to ensure you have pay slips from the second job and that it is paid into a bank account.

Conrad

One lender will usually accept a second job, even on day one of employment. Speak to a local broker.

Brad_Haddin

I would say you need to have detail research before making any decision to invest in this business.

edinburgher

I have two jobs. I looked into a mortgage with Nationwide and they said I had to be employed by the second employer for 6 months. However, I have just remortgaged with Nat West (saving myself a shed load of cash) and they never even asked how long I had worked for my second employer. Both of my jobs are in different fields and Nat West just doubled the income from No2 for the proposed annual salary. Both salaries were taken into account

I'd assumed that that was the case for most lenders. My parents worked multiple poorly paid jobs to keep a roof over our head when we were growing up - doubt they could've done it if they hadn't been allowed full multiples based on their total wages.

Brad_Haddin wrote: »

I would say you need to have detail research before making any decision to invest in this business.

Wrong thread?

Henry_P_Chester

How will you pay the mortgage when you give up the second job?