NHS Bank Shifts included in income?

curlywurly86

Hi all hoping someone can advise.

I am a nurse earning 23589 a year on a full time contract. As my boyfriend is a PHD student his stipend of £14,000 probably isn't going to be taken into account for calculating how much mortgage we can get - so it is all on me!

I also have a bank nurse job also with the NHS and last year I earned £1876.10 after tax etc from this - 14 shifts over the year. I usually do about one a month.

Can I add this on to my income or not for an application? I am unsure because I have a zero hours contract.

It would make a big difference to how much I can borrow as at moment with who our financial advisor is looking at it's 3.5 times my salary. The extra this would mean that I could potentially borrow is £8k more (looking at 82k mortage at present)

Also, I get about £600 in milage back a year can I add this on too?

curlywurly86

Bumping this.

VfM4meplse

curlywurly86 wrote: »

Can I add this on to my income or not for an application? I am unsure because I have a zero hours contract.

A zero hours contract guarantees no income. I think you have to stick to your substantive earnings.

When I applied for my first mortgage, I couldn't add my locum earnings in and was disappointed that I wasn't able to borrow more. In the end it worked out well, as I went into locum overdrive during my weekends and annual leave - these earnings alone covered the interest payments and I become MF in less than 7 years.

kingstreet

curlywurly86 wrote: »

I am a nurse earning 23589 a year on a full time contract. As my boyfriend is a PHD student his stipend of £14,000 probably isn't going to be taken into account for calculating how much mortgage we can get - so it is all on me!

I think you're right. Little chance of his income being taken into account.

I also have a bank nurse job also with the NHS and last year I earned £1876.10 after tax etc from this - 14 shifts over the year. I usually do about one a month.

Can I add this on to my income or not for an application? I am unsure because I have a zero hours contract.

Halifax, for example, will take 60% of the gross into account and will want three months payslips to prove it. On the zero hours issue, I'm not sure of the current position with these. It might be worth doing a search on here for previous threads about the same subject.

Also, I get about £600 in milage back a year can I add this on too?

No. Refund of out of pocket expenses can't be included in your income.

ACG

Your extra work, i think some lenders might take 50% of it into account.

With all respect, your advisor is earning commission out of what he sells you. Tell him/her to stop being a lazy git and get on the phone to lenders to find out how they would view it and not just going for the easy option.

kingstreet

ACG wrote: »

With all respect, your advisor is earning commission out of what he sells you. Tell him/her to stop being a lazy git and get on the phone to lenders to find out how they would view it and not just going for the easy option.

Easy, tiger!

ACG

lol, its true though isnt it.
An advisor is earning however much commission he is earning, yet the OP has to come on here to get an answer and let the advisor know of lenders that he might not have thought of... wheres the logic in that? You wouldnt tell a plumber which spanner to use would you.

Ive only been doing the job a few months so i dont know the various lenders inside out yet, im still learning but i call up my BDM and run the situation by them. Theyre generally pretty good and will give you an honest answer.

kingstreet

Couldn't agree more. Most of the time, it's just pure legwork and effort ringing round to find out who'll do what.

Let's face it, if it was easy the borrower would do it him/herself and we'd be out of a job!

curlywurly86

Thanks everyone, the advisor has been helpful but wasnt sure about these points. We are only looking at one lender which is a credit union as it's a goverment/council/NHS special deal thing (not shared equity). I'm waiting on an appointment with them so thought I would come on here to get an idea so I don't go in blind.

Appreciate the comments

ACG

Its still workth looking elsewhere, you never know what might be on the market. There is a lender specifically for teachers, it doesnt mean they offer the best rate to teachers though....just a thought