Are second jobs and overtime taken into account for mortgage reasons?

BrettMorganxD

I ask because on my salary I can only get a very limited mortgage.

However at my current job I do alot of overtime since I have been there I have been doing 42-49 hours a week as opposed to the contractual 35. Which means by my rekoning I have atleast another £3,000 to add onto my yearly salary. Would this be taken into account if it wasn't guranteed overtime, however it had been going on for a good while (few year by time I come to buy).

Also will they take second jobs into consideration? If I fail my resit gcse's I am thinking of taking a second job on with the permission from my current employer. Would a mortgage advisor consider this second income if the second job was also permanent just like the primary job.

Thanks in advance,

Brett

BrettMorganxD

Cannot find anything on google as to wether the do or do not

Dave_Ham

Overtime most lenders will include, although not at 100% of the overtime.

2nd jobs, so long as can be proven are also acceptable to some lenders but again not at 100%

You can certainly put the overtime into their affordability calculators online.

Good luck

The_J

Most lenders will look at the overtime, may not use all of it. Speak to a broker/IFA to fully ascertain the borrowing potential.

zzzLazyDaisy

Brett, according to your other thread, you are 19 now and hope to have enough saved for a deposit by the time you are 25. So it is a bit too early to be worrying about what income lenders will take into account since lenders change their rules from time to time to respond to prevailing economic conditions, and no-one has a crystal ball.

BrettMorganxD

zzzLazyDaisy wrote: »

Brett, according to your other thread, you are 19 now and hope to have enough saved for a deposit by the time you are 25. So it is a bit too early to be worrying about what income lenders will take into account since lenders change their rules from time to time to respond to prevailing economic conditions, and no-one has a crystal ball.

Well we know lending criteria is going to get worse not better with the ressesion and everything.

BrettMorganxD

I would of thought second jobs are just the same as main jobs if they are permanent.

my main question was overtime

star4876

Our broker took everything into consideration and went through copies of the last 6 months pay slips to get a good idea of consistency of income. I had a permanent full time job and also a permanent part time evening one with option overtime.

BrettMorganxD

star4876 wrote: »

Our broker took everything into consideration and went through copies of the last 6 months pay slips to get a good idea of consistency of income. I had a permanent full time job and also a permanent part time evening one with option overtime.

Do you have to pay for a meeting with a broker

BrettMorganxD

what I will do is keep a years worth of statements sept - sept to see how much I earn in a year then it will be up to the mortgage brokers

star4876

we didn't have to pay for any meetings, we only paid him his £250 fee once he had found us a suitable mortgage deal and we had signed for it