2nd income

MsGeorge88

Hiya,

We are soon to be applying for a mortgage in 5 months time. My partner has just taken on a 2nd job as additional income. Can this new income be included in the mortgage application to boost out total earnings or is there a cut of period? he would have had this job 6 months at the time of application.

spadoosh

Varies lender to lender. On my first mortgage the lender wanted a lot more detail regarding my second job, initially suggesting it wouldnt be counted. The multipliers where inline with our earning without the second job so applied excluding the second income.

An experienced broker will be able to direct you to the most suitable lender.

MortgageMamma

Some lenders take 100% of second job earnings but some specify you must have been there a year. Others are just concerned that its a permanent contract and that the job is sustainable in the long term, as in not working too many hours.

Some lenders also take things like child benefit, tax credits and other benefits for income, so if you receive any of those its worth considering using them.

Try not to go it alone with your first mortgage, you will need advice and to optimise your chances you are best using a mortgage broker rather than going direct to a bank.

MsGeorge88

Thank you guys.

If the mortgage lender does not consider it, will they use it when calculating our affordability. To be honest, our total income without the 2nd job is sufficient. I just want to maximise where possible.