Mortgage, New Job - Worth Trying?

Melvyn

Been given the chance to buy the flat that the other half and I have rented for a long time. I am recently self employed and have no accounts as yet and my non investment income will not be regular, she is a couple months into a good permanent job after a few years of doing self employed contract work.

I own two other properties outright and have some money saved for up to about 40% deposit and stamp duty, her current income should cover the rest on the usual multiples given I think so the mortgage would be entirely hers. She has a fair bit of debt on a maxed credit card which would be paid off before a mortgage application but fairly good credit history. We dont have any shared accounts or finances and neither of us have had a mortgage before.

Given the stories about people being rejected at the moment are we wasting our time even thinking about it?

Wh05apk

Probably not, the mortgage and property should be in joint names, as you are providing the deposit.

Melvyn

Sorry - what should have said is that I am happy to be named as a party to the mortgage and as joint tenant, just it will need to be calculated on her income alone. My only regular income at the moment is from a let house.

Dave_Ham

Sounds like there is definitely enough to go at.

Some lenders will use rental profit, forming part of your income and as stated given the deposit this needs to be joint..

Definitely worth having a more formal chat with someone given the information provided.

All the best

Melvyn

Thank you very much. Will the short period in permanent employment be an issue for most lenders?

Wh05apk

Probably not, is she on probation? was she doing similar work?

Melvyn

Still on probation (just) but practically not an issue, in a similar line of work.

Good to hear, thanks for the advise.

Suarez

Halifax gave my partner and I a mortgage and she was only 6 weeks into a new job. They only asked for the 1 payslip and didn't question her start date.

Melvyn

Really? So maybe all the scare stories aren't as real as the news papers say.

I have some 0% credit card debt. Would this count agianst my application? I could pay it off but it makes more sense to earn a little bit of interest in the building society on it.