Mortgage Advice

Salmon

Hey,

Just a question for anyone who has bought a property as a couple. My Girlfriend and I are considering purchasing a house in the next couple of months. I have a steady Job Earning a little over 30K and she is teaching Part time earning roughly the same. This would allow us to borrow the money we need,, when I enter the figures into the online bank forms!. My question is would the fact that she is working part time make a big difference to the application. She is considering giving up the permanent job search and just finding a low skilled, low paying job in order to get a permanent job for the mortgage application. This seems ridiculous to me as it is well known that most teachers need to work PT for a while before getting something permanent. Has anyone any experience of getting a mortgage on a PT job.

Any help would be great!

jhegarty

Salmon wrote:

Hey,

Just a question for anyone who has bought a property as a couple. My Girlfriend and I are considering purchasing a house in the next couple of months. I have a steady Job Earning a little over 30K and she is teaching Part time earning roughly the same. This would allow us to borrow the money we need,, when I enter the figures into the online bank forms!. My question is would the fact that she is working part time make a big difference to the application. She is considering giving up the permanent job search and just finding a low skilled, low paying job in order to get a permanent job for the mortgage application. This seems ridiculous to me as it is well known that most teachers need to work PT for a while before getting something permanent. Has anyone any experience of getting a mortgage on a PT job.

Any help would be great!

working Part time is not an issue... but is her job permanent ?

as long as its permanent, she will be fine....if not , she will need to show history of constant employment....

therecklessone

I've a mate in the same position who's just bought.

He's in his second year teaching, on pro-rata rates but employed on yearly contracts rather than permanent. He applied for his mortgage with a parent on the application, so the guaranteed income on his would be higher than your own, but the basics remain the same.

I know Cornmarket in Christchurch do deals for teachers (as mortgage brokers) so they might be worth a call if only to talk through your situation.

Best of luck.

Eoin

therecklessone wrote:

He applied for his mortgage with a parent on the application, so the guaranteed income on his would be higher than your own, but the basics remain the same.

Sorry for going OT, and if this is old news - but there was a thing in the papers a while ago about first time buyers still having to pay stamp duty because their parent(s) were named on the application (as the parent was not a first time buyer). I don't know if this has since been rectified, but something to bear in mind...

StillWaters

Eoin wrote: »

Sorry for going OT, and if this is old news - but there was a thing in the papers a while ago about first time buyers still having to pay stamp duty because their parent(s) were named on the application (as the parent was not a first time buyer). I don't know if this has since been rectified, but something to bear in mind...

there is no difference any more between first time buyers and others. Everyone pays stamp duty of 1%.

The_Conductor

Zombie thread. Closing.......