FTB Buyers questions

R147

Hi All,


Regular browser, but first time poster.


Me and my girlfriend want to get a place together. Wondering how our circumstances stack up and whether I'll have to change job.


She is a part time nurse (working part time due to 50/50 childcare with her ex), so gets working tax credit, half the child benefit and child tax credit. She earns around £16k from her job + the tax credits.


having worked full time, I had to have a few years out of work due to looking after my terminally ill mother. I am now back in employment after this sad time, but part time with the local council, and although I have an actual job role, and set days to work this role, its on a "casual" as and when basis. I'm assuming this will work against me in a joint mortgage application, but there are a few other factors.


0% credit card debt of £5k, which we are gradually reducing as well as slowly saving for a deposit.


Although there is £5k debt and I only have a "casual" role, Throughout my 20s, I helped my parents pay off the mortgage on their home, and once mortgage free, they transferred the house into my name. My dad currently resides in that house, but I was wondering if the mortgage lenders would take into account, the fact I own my own house, despite the fact I only have an as and when job. I also get working tax credit.


we are perhaps hoping to make use of the mortgage guarantee scheme as well, but we aren't 100% sure how that works yet!


I just thought id post my situation up and see what people thought our chances of a mortgage were.


- My income is around £14k all in with tax credits included.
- girlfriends income around £22k with tax credits and chb
- I have another house in my name - mortgage all paid off (mortgage was in parents name though)
- £5k 0% CC debt


Currently saving for deposit.


Thank you
Ron

marksoton

R147 wrote: »

Hi All,


Regular browser, but first time poster.


Me and my girlfriend want to get a place together. Wondering how our circumstances stack up and whether I'll have to change job.


She is a part time nurse (working part time due to 50/50 childcare with her ex), so gets working tax credit, half the child benefit and child tax credit. She earns around £16k from her job + the tax credits.


having worked full time, I had to have a few years out of work due to looking after my terminally ill mother. I am now back in employment after this sad time, but part time with the local council, and although I have an actual job role, and set days to work this role, its on a "casual" as and when basis. I'm assuming this will work against me in a joint mortgage application, but there are a few other factors.


0% credit card debt of £5k, which we are gradually reducing as well as slowly saving for a deposit.


Although there is £5k debt and I only have a "casual" role, Throughout my 20s, I helped my parents pay off the mortgage on their home, and once mortgage free, they transferred the house into my name. My dad currently resides in that house, but I was wondering if the mortgage lenders would take into account, the fact I own my own house, despite the fact I only have an as and when job. I also get working tax credit.


we are perhaps hoping to make use of the mortgage guarantee scheme as well, but we aren't 100% sure how that works yet!


I just thought id post my situation up and see what people thought our chances of a mortgage were.


- My income is around £14k all in with tax credits included.
- girlfriends income around £22k with tax credits and chb
- I have another house in my name - mortgage all paid off (mortgage was in parents name though)
- £5k 0% CC debt


Currently saving for deposit.


Thank you
Ron

You have two problems.....

Technically you're a landlord and all that entails...

You own a property, therefore any further property you purchase could,from April 1st 2016 attract an additional 3% stamp duty...

R147

Oh !!!!!!, I had no idea about the extra stamp duty.

What about my job, do you think mortgage companies would accept a stable as and when job (especially with one working and having a good job) or do I need to start looking for alternative employment (I'm already looking but would happily remain where I am at the local council).

Thank you

RhysHSCC

If it's a casual as and when job as you describe, does this mean your income fluctuates month by month?

If so, it may affect the amount you can borrow as lenders will likely be more cautious and lend less as a result, even if you show a payslip which may be higher than usual. Likelihood they will write to your current employer for an employers reference to confirm income