getting a mortgage as a parttime worker??

michmush77

Hi my husband and i are currently on an SVR mortgage with santander (4.24%) after coming to the end of a tracker deal with them.


I had a baby last year and am going back to work part time next month, the problem we are having is that we dont earn enough between us now to get a mortgage using the combined annual salaries x4 rule.

We have an 80% LTV.

Santander have offered us a discounted tracker of Bank rate+3.49% for 2 years, this is better than what we have now but i have to pay £125 upfront fee and a mortgage account fee of £225 which can be deferred to end of mortgage (with no add on interest) It just seems like they have me by the short and curlies and add on fee after fee for their deals!!

Are there any mortgages out there for just LTV or do all of them work on combined salaries rule and in that case how will i ever get a mortgage with anyone else again if my earning never go up?????

beecher2

No lender will only look at the LTV, and all will want to know what your household income/expenditure is. I don't see the point in taking that tracker for 2 years as the margin is too high. Your only option is to stay on the SVR until you go back to work fulltime.

Thrugelmir

michmush77 wrote: »

and a mortgage account fee of £225 which can be deferred to end of mortgage (with no add on interest) It just seems like they have me by the short and curlies and add on fee after fee for their deals!!

This charge will already be payable on your existing mortgage product so not a new charge.

we are having is that we dont earn enough between us now to get a mortgage using the combined annual salaries x4 rule.

Lenders consider each application on its own merits and their own lending criteria. There's no defined 4 times rule.

Wh05apk

michmush77 wrote: »

the problem we are having is that we dont earn enough between us now to get a mortgage using the combined annual salaries x4 rule.

QUOTE]


What "rule" is that? never heard of that one. Do you get tax credits/child benefit, some lenders will accept those?

As Michmush says the margin looks too hign, with Abbey you will be paying 4.24% so hardly a saving, keep yourself flexible and look around, speak to a broker who may be able to find a lenderfor you.

michmush77

Thanks everyone...........

everyone that i have spoken to re mortgages have asked for mine and my husbands salaries and are only able to lend us four times our annual salary, also my husband is self employed so this makes things harder too

Will try a broker, thanks