We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Affordability when spouse changes job prior to joint mortgage application
ABBF08291
Posts: 29 Forumite
Dear forum,
We will be applying for a mortgage soon and I am the primary earner (permanent full time employment). My spouse is also employed permanently full time currently (she earns approx half of what I do).
My spouse is about to be offered a role at a new company on a higher salary (£6k higher) however it is a 12 month fixed term contract. I wanted to know whether this would severely affect our affordability?
Our LTV will be an absolute maximum of 75% as we have quite a large deposit but I wanted to check how mortgage brokers would view this recent change of employment from an affordability perspective.
We have almost zero commitments so we would be looking to try and borrow as much as possible so we can keep some of our savings for alternative investments.
many thanks in advance.
We will be applying for a mortgage soon and I am the primary earner (permanent full time employment). My spouse is also employed permanently full time currently (she earns approx half of what I do).
My spouse is about to be offered a role at a new company on a higher salary (£6k higher) however it is a 12 month fixed term contract. I wanted to know whether this would severely affect our affordability?
Our LTV will be an absolute maximum of 75% as we have quite a large deposit but I wanted to check how mortgage brokers would view this recent change of employment from an affordability perspective.
We have almost zero commitments so we would be looking to try and borrow as much as possible so we can keep some of our savings for alternative investments.
many thanks in advance.
0
Comments
-
Many lenders won't include income from a first fixed contract.
You'll need broker support to find the right lender for such a proposition.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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards