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Mortgages and "second income"?

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  • 20-08-2011 1:04am
    #1
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭


    Do all lenders have issue with second incomes?

    I work 2 jobs and I'm in the middle of a bunch of mortgage applications. So far 1 lender has come back stating that they only give value to 20% of the second job.

    I'd understand if the second job was temporary or not a fixed income, but my second job is fixed, permanent and worth guaranteed €15k a year.

    Surely when they put so much influence on proving my ability to repay the mortgage, it makes no sense to insist on ignoring 80% of my second income which amounts to €12k?

    Hopefully won't be a deal breaker but it just seems silly. My second job is as valid as the first, it just brings in less because it's part time.


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    #2
    Victor
    Registered Users Posts: 78,399 ✭✭✭✭Victor


    Most people can't sustain a second position in the long term, so the income can't be relied upon. Can you demonstrate this income going back X years?


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    #3
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Victor wrote: »
    Most people can't sustain a second position in the long term, so the income can't be relied upon. Can you demonstrate this income going back X years?

    Have been working 2 jobs for nearly 10 years but the second job was always a low earning shop job etc. Current post is in a GP service and started 3 years ago, initially on a lower wage by about €200 a month. Have been a supervisor now for a year (in September) at the higher pay scale.


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