Second Job questions

Overdash

Hi all,
I've been looking to buy a property for some months now, I've been employed by my current employer for 18months and currently sitting on £50k/annum (gross ofc). This January, a charity (my church) offered me a part time job (Fridays and Weekends - ~24hrs a week) and offered to pay me ~£14k/annum for work I used to do voluntarily (but they wanted to employ a committed individual).
My Questions:
1. Would this increase my gross salary (in the eyes of the lender) to ~£64k?
2. (Continuation from 1) can I then borrow more if I add this second job?
3. What's the impact of a second job on my Help to Buy application (I'm considering using it if I buy in London) - i.e. can I look for higher valued homes?
4. What potential documents will the lender ask of me if I were to add this second job? I currently have my job contract (for both jobs) and only the first month's payslip (which is yet to enter my account) for the second job. I'm not self-employed (and don't want to be) so don't have any tax returns.
5. As states above, I'm not self-employed so don't have any tax returns & only a P60 for my first job, would the lender need to check my tax for both jobs? (Or would the first month's payslip for the second job suffice)
6. (Miscellaneous) would you advise against adding this second job to my mortgage application? (I think I HAVE to add it, but I'm not 100% sure).

I tried to include as much information as I could to get the best quality of help . If theres anything missing pls ask - thanks in advance!

gj373

Regarding point 5

Does your new employer know of your existing income in order to tax you correctly?

[Deleted User]

Overdash wrote: »

Hi all,
I've been looking to buy a property for some months now, I've been employed by my current employer for 18months and currently sitting on £50k/annum (gross ofc). This January, a charity (my church) offered me a part time job (Fridays and Weekends - ~24hrs a week) and offered to pay me ~£14k/annum for work I used to do voluntarily (but they wanted to employ a committed individual).
My Questions:
1. Would this increase my gross salary (in the eyes of the lender) to ~£64k?
2. (Continuation from 1) can I then borrow more if I add this second job?
3. What's the impact of a second job on my Help to Buy application (I'm considering using it if I buy in London) - i.e. can I look for higher valued homes?
4. What potential documents will the lender ask of me if I were to add this second job? I currently have my job contract (for both jobs) and only the first month's payslip (which is yet to enter my account) for the second job. I'm not self-employed (and don't want to be) so don't have any tax returns.
5. As states above, I'm not self-employed so don't have any tax returns & only a P60 for my first job, would the lender need to check my tax for both jobs? (Or would the first month's payslip for the second job suffice)
6. (Miscellaneous) would you advise against adding this second job to my mortgage application? (I think I HAVE to add it, but I'm not 100% sure).

I tried to include as much information as I could to get the best quality of help . If theres anything missing pls ask - thanks in advance!

1. Some lenders will take the income, some will need it to have been in place for 3/6/12 months before using it. The fact you used to do this on voluntary basis should let it go through a bit easier with only a few months of income. Generally 6 months of a 2nd job is the magic point where most lenders will use it for a mortgage
2. If they use it, then yes. Some don't use it as they assume you are taking a 2nd job just to get more borrowing and it wont be sustainable.
3. If they use your 2nd job income then you are looking at 4.5x total income
4. Usually the same as the 1st job (if they use the income from 2nd job at all). Payslips and bank statements. No hard rule about how many. sometimes 1, sometimes 3.
5. They will be checking things like national insurance number is the same, year to date earning match with when you started. If there is no p60 then they cant have one.
6. If you are going to keep the 2nd job in the long term then there is no reason to not use it.

Overdash

gj373 wrote: »

Regarding point 5

Does your new employer know of your existing income in order to tax you correctly?

Hey thanks for the reply. Yes they do - I even had to correct them .

Overdash

Deleted_User wrote: »

1. Some lenders will take the income, some will need it to have been in place for 3/6/12 months before using it. The fact you used to do this on voluntary basis should let it go through a bit easier with only a few months of income. Generally 6 months of a 2nd job is the magic point where most lenders will use it for a mortgage
2. If they use it, then yes. Some don't use it as they assume you are taking a 2nd job just to get more borrowing and it wont be sustainable.
3. If they use your 2nd job income then you are looking at 4.5x total income
4. Usually the same as the 1st job (if they use the income from 2nd job at all). Payslips and bank statements. No hard rule about how many. sometimes 1, sometimes 3.
5. They will be checking things like national insurance number is the same, year to date earning match with when you started. If there is no p60 then they cant have one.
6. If you are going to keep the 2nd job in the long term then there is no reason to not use it.

Ahh I see. Thank you for the answers. 1 question though:
By year to date (YTD) earnings, do you mean the earnings of my first job, or the joint earnings of both jobs? And where would they check this? (I think on my payslip it only reports YTD of 1 job individually).
Cheers.

[Deleted User]

Overdash wrote: »

Ahh I see. Thank you for the answers. 1 question though:
By year to date (YTD) earnings, do you mean the earnings of my first job, or the joint earnings of both jobs? And where would they check this? (I think on my payslip it only reports YTD of 1 job individually).
Cheers.

£1000 a month, declared been in the job for 6 months but year to date shows £4,000 as earnings. Doesnt make sense, it should show as £6k surely?? Perhaps someone has lied about the start date as the lender needed 6 months to use the income.

Little checks like that to make sure the 2nd job is real and the declared information is valid