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Affordability and 2 jobs

Partner earns £17500, and i am self employed , earning approx £8000 for each of the last 2 tax years

We want to borrow £150,000 and have a large deposit

If I get a permanent part time job ( approx £12000 ) would Nationwide take both my self employed salary and new permanent job salary ( for context I would still carry on self employed as could fit both in )

Comments

  • kingstreet
    kingstreet Posts: 39,442 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    You can use second job income if the applicant has been in the job for at least as long as shown in the table below.

    Type of employment

    Time needed in employment

    Permanent

    6 months

    Self employed

    2 years

    Fixed term contractor

    12 months

    Temporary or zero hours contract

    12 months

    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • peppapig14
    peppapig14 Posts: 268 Forumite
    Eighth Anniversary 100 Posts Name Dropper

    Thank you.

    I rang the nationwide mortgage line today and they said a new job offer contract is sufficient ( it can start in 1 month ,) but didnt mention anything about needing to be in the job role for 6 months

  • kingstreet
    kingstreet Posts: 39,442 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    That's normal for a new job. Nationwide accepts a contract with a confirmed start date.

    If you have existing self-employed earnings which will continue and you need to use, you may have to follow the second job criteria for the new employment.

    Did you tell them about that? If they wish to take the self-employment as the second job the new job criteria may apply. It's their call.

    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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