extra job to increase borrowing amount 31 October 2013 at 7:16PM in Mortgages & endowments 5 replies 596 views

Kua

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?

kingstreet

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.

Kua

Sounds fortunate to me!

Kua

I wouldnt say its a scheme: I'm willing to work my guts out to get the house!

Thrugelmir

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.

holly_hobby

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