How important is 4k

cerees

hi,

I am currently earning 27k...am planning on buying on my own next year.
I have been offered different job on a 31k salary - but more stressful work.

Would the 4k difference in annual salary REALLY have such an impact on my mortgage offer?

Have to make a decision on job by Tuesday! eeeek.

Just don't want to regret turning it down if only offered a low mortgage.

Any advice??

SavingSteve

Usually you can borrow 4.5 times your salary (depending on other things like history etc). So the 4K can make a difference. But is it worth if if you will be miserable, only you can answer that.

ACG

As above, 4-4.5x the amount.
So £16-18k difference as a ballpark.

amnblog

If you are worried about the stress of the new job should you really be taking it in order to getting a bigger mortgage, adding to the stress?

TJParsons

What is your current job, and what will this new job be?

Stevie_Palimo

I would say if you are happy with where you work and what you currently earn and believe that having the additional few grand in your pocket will be partnered with added pressure that you do not want then consider staying where you are.

Do look at other factors to here like how secure do you believe your current role is at present, Do you thing you can progress where you are currently, Do you get on with all the other staff members, If on these few things you feel happy and believe that staying where you are is not going to change then weigh up against the increased wage job with similar points to see which one would look better.

wantahouse

This is really funny as I have literally just emailled my broker about the same thing. I've been given a payrise and more hours so I should see an increase of £2280 per year - so not quite as much as yours!
I wanted to know how much of a difference it would make to our application as well.

cerees

I work for social services and the new job would be an emergency duty role, office based, permanent, 9-5pm @ 31k

The job i am in now, and this is where it gets messy...
- agile work, so work from home with computer.
- work 9-5pm but am overworked and do work on weekends (paperwork)
- am currently on a temporary contract at 27k (new grad salary even tho i am qualified 7 years! - as i went overseas and just came back they say i am a 'new worker' therefore new grad pay)
- they have promised me a permanent contract in January at 27k (no negotiation on pay)
- however, 4 weeks ago they gave me a promotion for 6 months at 32k

.so in terms of the future, there are possible opportunities for growth / promotion in this job...but when, I do not know. Could be a few years, could be 6 months time. I am desperate for a house next year and want my hands on a perm contract at 31k+ ......

Will make a pros and cons list......

Almost want someone to make decision for me! Sorry to bore you......thanks for all your advice.

cerees

@wantahouse that's funny!! i have put it in the mortgage calculators and some banks it's a huge difference, other not so. Santander was TERRIBLE!! offered me 110k on low salary!

Lets hang in there...let me know how you get on! when are you hoping to buy? I haven't been to a broker as waiting for perm contract first lol

wantahouse

I know it's crazy how much they differ!!! I've done a few but as you say the amounts are so varied I just don't feel I can trust them. Based on my old salary and my husbands combined he seems to think that £160,000 would be doable. But this is right at the top end and we would really rather not over stretch ourselves - if we can help it as would like money left over for luxuries etc.
We have looked at a few houses, but my husband has only recently started s new job so we are having to wait until end of Jan to look seriously. Which sucks as there are so many houses we've seen that we have fallen for - I'm just thinking of the extra money we can add to the deposit in the meantime
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JP1978

Personally I would go for the higher paid job, not so much for the money but would appear to be a step up the ladder and would again in the future lead onto other better things.

Good luck either way