Would a second job increase amount I am able to borrow?

snowqueen555

Hi all, I have taken up a second zero hours job and plan to earn extra money towards getting a place. The amount will fluctuate quite a  bit between £100-£500, I'm wondering if this income could be taken into account to increase the amount I am able to borrow as a FTB, and how much of a multiplier it would be.

Thanks again.

[Deleted User]

Yes, but as a 2nd job on zero hours you will need to be in it for 12 months prior to application

snowqueen555

Deleted_User said:

Yes, but as a 2nd job on zero hours you will need to be in it for 12 months prior to application

Would banks give a 4x - x4.5 on these earnings?

[Deleted User]

generally most lenders will add both jobs together and treat as one income.  Some will only use 50% of it though.  

I dont like using income multiples as they can be wildly off depending on other outgoings but if you are fairly straightforward then 4.5x is a ok guideline

snowqueen555

Hi all, can anyone update me on this? I now have 9 months worth of slips, but looking to see how much I can borrow. Would I be better off going to a mortgage broker to help me out? 

ACG

Pretty much as every lender will differ. Some will work off the last 3 months payslips, others the last 6 and some might not accept you until you have 12 months. 

snowqueen555

ACG said:

Pretty much as every lender will differ. Some will work off the last 3 months payslips, others the last 6 and some might not accept you until you have 12 months. 

If I am looking to buy what is the next process, really struggling at the moment. Would a broker be able to help me out to find out which banks would be most suited to my situation?

Thanks

K_S

@snowqueen555 Your options are likely to be quite limited due to it being a zero-hours contract and having a <12m track record.

Generally speaking, the lender will want to make sure that the second job is sustainable (can be carried on long term along with your main job) and not simply to temporarily boost your borrowing.

It's definitely one for a broker, please see here for MSE guidance on how to find one.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

snowqueen555

K_S said:

@snowqueen555 Your options are likely to be quite limited due to it being a zero-hours contract and having a <12m track record.

Generally speaking, the lender will want to make sure that the second job is sustainable (can be carried on long term along with your main job) and not simply to temporarily boost your borrowing.

It's definitely one for a broker, please see here for MSE guidance on how to find one.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

So probably best waiting until I get 12 months of slips I guess before exploring? Thanks