FTB Mortgage Query

shanderby

Hi all,

Just wondering if we would be able to get a mortgage although I probably know the answer!
So our situation, me and my girlfriend are still living at home in the midlands and are both 22. We have managed to save £55,000 for a deposit.
I work for my dad as an electrician but don't have a contract officially. My earnings for this year will be around £13,000 but last year they were only around £5000 due to being of most of the year due to illness.
My girlfriend is about to finish uni and has secured a temporary contract for nine months with the likelihood of it becoming permanent. Her earnings will be around £22463 PA and she has a student debt. This is our only debt.

So my question is would we be able to borrow anything or will we have to wait until her contract is permanent and until I have had a full year of reasonable earnings?

Thanks

ACG

Whats the set up with your dad? Does he pay you a wage or pay you as and when you do work? Do you get payslips? Does it show as tax being paid or do you file your own tax returns or is it cash in hand?

Your girlfriends income can not be taken into account until her contract is either renewed or is made permanent.

shanderby

My wage is on the books and I get pay slips.

ACG

Is it set each month? Or does it vary?
If it varies does it vary massively or fairly consistent?

shanderby

It does vary but not massively perhaps maximum +/- 300 a month.

ACG

OK well worse case scenario, I would say find the lowest gross figure of the last 3 payslips, multiply that by 12 and then by 4.

That should give you a rough idea as to what you can get get at the minute.

You might be able to get more than that but if that figure is not a million miles off what you want/need then its probably worth speaking to a broker. If its miles out then i think you need to wait until your gf gets another contract.

shanderby

Okay thanks

GMS

Are you paid in cash or into your bank?

shanderby

It depends, sometimes straight into my bank nd sometimes cash

ACG

this could prove a problem.

Appreciate its your dad and things are less formal but if your thinking of getting a mortgage - get it formalised. Get payslips, have your wage paid into your bank, get a contract... it doesnt need to be 15 pages, just confirm basic hours, wage, holiday entitlement etc.

This is the time to get things lined up and prepare for the application.

shanderby

Although when I get cash I still get payslips (im not dodging paying tax!) and I know my holiday entitlement it's just not written down!