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Multiple Streams for Lend amount
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apd123
Posts: 3 Newbie
My wife and I will be looking to get a mortgage but are confused about a few things with lending amount and having multiple streams of income.
My wife has had to move to a new job where she can only receive 25 hours a week. This is within a school that deals with children with extra needs. The School has said that she can get extra work by doing a thing called "Direct Payment" with the children's parents. Basically the parent has money from the council to pay for someone to look after their child for x amount of hours a week. Theoretically my wife would do the 25 hours at School and then 15 hours outside. These hours would be regular and over School holidays she would switch to more Direct Payments.
My question is would a bank accept those two streams and add them together to get an annual salary?
My wife has had to move to a new job where she can only receive 25 hours a week. This is within a school that deals with children with extra needs. The School has said that she can get extra work by doing a thing called "Direct Payment" with the children's parents. Basically the parent has money from the council to pay for someone to look after their child for x amount of hours a week. Theoretically my wife would do the 25 hours at School and then 15 hours outside. These hours would be regular and over School holidays she would switch to more Direct Payments.
My question is would a bank accept those two streams and add them together to get an annual salary?
0
Comments
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Why don't you ask a bank and find out?0
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If the "Direct Payment" means that the parents are paying your wife directly, it sounds like self employment. So I guess the lender would want 2 or 3 years of accounts, before regarding that part as steady income for calculating affordability.
But check with your mortgage adviser.0
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