Second Incomes

newbie902

Hi! 

I tried to look but was struggling to use the search function (doh!).

I'm looking to move home towards the end of the year, and currently have one main income but also a secondary income from some part-time work I do.  Both are PAYE. 

Does anyone have any experience of how this will work re. mortgage?  Would they add it together to get my 'total' income, or would the second income not be counted at all?  

Thanks in advance! 

MovingForwards

Depends on how long you have done your second job for and the viability of it continuing after you get a mortgage alongside your first job.

Some people take a second job to help save the deposit quicker and to boost the potential amount borrowed, then leave the second job after completing the purchase. Lenders have got wise to this and have tightened up their criteria.

Perhaps a chat with a broker would be a good start? If you haven't got one, haven't had friends / family buy in the last few years, have a look around some of the threads as several brokers do comment on posts and are happy to receive messages from MSE members (that's how many of us pick our broker). You can approach them via private message, they cannot approach you first.

haras_n0sirrah

Most lenders have a minimum of 6 months in second job (if 0 hours then 12 months) and will also look at long term viability. If under 50 hours a week as a combination of both jobs is usually ok, if more than that they will start to question whether you are likely to keep both going

newbie902

MovingForwards said:

Depends on how long you have done your second job for and the viability of it continuing after you get a mortgage alongside your first job.

Some people take a second job to help save the deposit quicker and to boost the potential amount borrowed, then leave the second job after completing the purchase. Lenders have got wise to this and have tightened up their criteria.

Perhaps a chat with a broker would be a good start? If you haven't got one, haven't had friends / family buy in the last few years, have a look around some of the threads as several brokers do comment on posts and are happy to receive messages from MSE members (that's how many of us pick our broker). You can approach them via private message, they cannot approach you first.

Thanks!

I was thinking of chatting to a broke, but was wary they may feel I'm wasting their time if I don't end up moving straight away.  Will have a look through the threads and contacted someone. 

MovingForwards

@newbie902 I had my broker for 15 months before I was ready to apply for a mortgage, just dropped a message every quarter to say hi and update my position.