extra job to increase borrowing amount

Hi,

I've recently been declined a mortgage for reasons of affordability. If I were to get an extra part time job, and then once I was in the house decided I could afford the mortgage without it and quit it, would that be ok?

I will also be renting out two rooms in the house so I'm not too worried about being out of pocket. Can you see any problem with this?

Replies

  • kingstreetkingstreet Forumite
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    If a lender has any sense it will see through your scheme and not take the second job into account. However, they can't see your plan for what it is and I suspect you will be successful.

    Unfortunately.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • KuaKua Forumite
    303 Posts
    Sounds fortunate to me! ;)
  • KuaKua Forumite
    303 Posts
    I wouldnt say its a scheme: I'm willing to work my guts out to get the house!
  • ThrugelmirThrugelmir Forumite
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    Kua wrote: »
    I wouldnt say its a scheme: I'm willing to work my guts out to get the house!

    Then take the job and get saving instead.
  • Lenders generally don't tend to take 100% of 2nd incomes - but this can be a grey area where the individual is self employed and has 2 different streams of income in the same field.

    In a situ where the applicant essentially has 2 different employed roles, they will look at whether( combined with the hrs/working shift of your current full time role), they believe you maintaining the 2 positions simultaneously in the longterm is realistic and/or viable.

    You can but try, they will probably want to see you maintaining the 2 in excess of a min of 3 mths (more likely 6) - and if you have a small deposit, even if all else stacks up, its unlikely the UW will go for this in any event, just due to the exposure.

    Hope this helps

    Holly
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