What earnings will counts towards a mortgage?

his8msl

Hello,

We have decided that in the next year my girlfriend and i are going to buy a property together. I am teacher with earnings of £21000 and she is a PHD student. She receives a £12000 tax free bursary. I am also in the Territorial Army and earn a minimum of £3000 a year from this.

What I'm would like information on please is which incomes would affect how much we could borrow.
1. Would the TA income count?
2. Would the PHD bursary count? If so would i only count as £12000 or would they take into acount the amount she would have to earn if taxed to receive this net salary?

Thanks for any advice.

Michael

meanmachine_2

Not sure a bursary is an income, is it? More like a grant.

I'm no expert, but my advice would be to wait a few years until you've risen up the ranks and your partner is on a salary.

Up to you though.

herbiesjp

Lenders would look at your 21k and your TA income as long as it is all verifiable.

As for the bursary, it will probably have to be run past the lenders as they will have to decide this on your case as a whole.

I've had a couple of similar cases where they have not included the bursary, bu the details were totally different.

his8msl

Thanks for the replies chaps,

I went into Lloyds and Halifax today. The former would lend me £137K based on a £10% deposit and the latter would do me £108K based on a 10% deposit and a 40 year mortgage!

Lloyds the PHD money and TA money where Halifax refused the PHD money. As an aside i was shocked when Lloyds said they would be happy to give me the money without the need to confirm either my income or my partners! Lunatics!


Michael

meanmachine_2

Now you know why house prices are so stupid.

Banks are falling over themselves to give you money.

Remember, it's you who has to pay it back, not them.

If lenders had stuck to their usual criteria we wouldn't be in such a mess now.

Anyway, good luck!