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We are looking to buy a house in the next two years my name will go on the mortage but

(23 Posts)
jobchange Tue 06-Sep-11 19:53:59

I am not on good money,and so dont know if this would qualify for the £100,000 we would borrow.I take home a month part time 20 hours a week £530 .

My money would therefore be shopping,bills,food,wedding etc.

I work four days a week three hours a day currently and then a Saturday for 8 hours,I work for a school in the week and have all holidays of,my youngest has another year till she starts school,the oldest is in school full time.

Would you look for a three day week?,in my postion, or would I be better off waiting any advice would be great.

jobchange Tue 06-Sep-11 19:58:41

I know I would not be contributing towards the mortage at present but m ypoint is, if I earned more it would help along with a deposit we would save,and then the mortage as well.

magicmelons Tue 06-Sep-11 19:59:58

Sorry you have really confused me? Are you asking if you can afford it or if they will give it to you?

SiamoFottuti Tue 06-Sep-11 20:02:21

what is the question? and why is this in aibu?

Xales Tue 06-Sep-11 20:04:50

Your money would be for all bills, shopping, food etc?? How many children do you have?

If you say

£100 council tax
£50 car insurance
£50 petrol
£50 gas
£50 electricity
£30 water
£10 tv licence?

If you then add into that all the school uniforms/trips etc, clothes, shoes, spare money in case of accidents/breaking car/household goods, toiletries plus other things I think you will struggle on £530 and I haven't even mentioned food or saving for your wedding sad

Tchootnika Tue 06-Sep-11 20:05:42

Really confused also.
What's your worry, jobchange?
Getting a mortage?
share in property?

All unclear so far...

SpamMarie Tue 06-Sep-11 20:06:27

Obviously the larger income you have, the more you can borrow. But if you are getting a joint mortgage, as you post implies, it doesn't really matter to the bank who is contributing what, just how much the total income is.

One reason not to put you on the mortgage would be if you had a bad credit history, as that could jeapordize your borrowing potential, even if your partner's history is clear.

Really, you cannot know what deal you can get until you start asking banks and lenders. The main sticking point for us was the deposit, as we were both in full time secure jobs. We got one of the last 10% deals, but I don't think they even offer that anymore. You'd be looking at 20%-25% deposit for most lenders.

jobchange Tue 06-Sep-11 20:06:44

Sorry If i earned more than I do now or even consider working full time,I dont know really we are trying to save to get married,deposit for house etc.

I dont know what to do for the best?,as I feel I could do more, is what im saying really,and if I earned more in the next two years would the mortgage company consider that.

SpamMarie Tue 06-Sep-11 20:10:10

The mortage company will want to see at least your last three (sometimes six) bank statements, as well as your last three (or six) payslips. That is what they will use to determine how much they will lend you.

So as said, the more you earn, the larger a mortgage they will lend you. But you have to think, do I want to wait a lot longer to buy? House prices are pretty low right now, and who knows how long that will last.

supadupapupascupa Tue 06-Sep-11 20:11:53

the mortgage company will look at your last 3 or 6 months worth of payslips when you apply.

are you applying jointly with someone else (i assume so)?

are you asking whether you should get a bigger income and save more money or not?

confused as to what your question is?

jobchange Tue 06-Sep-11 20:12:35

So sorry guys had an argument the last few days reference our finances,and Im upset,Im working hours around the children but I dont think its enough.

I need to consider childcare and whether I need to earn more money and do more hours?.

How long do you need to be employed in a job to be considered together for a joint mortage,as I would have to find a job now and it would be two years till we got a mortage,would we qualify for £1000,000 if we had a 25% deposit.

magicmelons Tue 06-Sep-11 20:14:15

Of course if you earn more it will be taken into consideration and you will have more, unless your childcare costs more than your wages.

jobchange Tue 06-Sep-11 20:14:15

Yes supadu thats what I was asking,if I earnt more we would apply as joint income.

SpamMarie Tue 06-Sep-11 20:14:54

Only 3 - 6 months is usually fine with your new company is usually all it takes. As long as you have the payslips to prove it.

magicmelons Tue 06-Sep-11 20:15:12

x posts
Ypou only need to show earnings fot the previous 6 months.

magicmelons Tue 06-Sep-11 20:16:30

this is helpful to find out what you can borrow. TBH its impossible to tell you if you have enough without knowing your dps earnings.

magicmelons Tue 06-Sep-11 20:19:18

It doesn't matter how little you earn you can still apply for a joint mortgage, it doesn't need to be 50/50.

SpamMarie Tue 06-Sep-11 20:20:53

We bought our house exactly a year ago, and these are the basic things lenders look at when deciding whether or not to offer a mortgage.

Secure income (at least 3-6 payslips required) you need to have been in the job for at least 3 months.

Other debts and obligations such as credit cards, car loans, that would eat into your income.

Outgoings such as bills, food, to check what you can afford (3-6 bank statements).

Credit history (you can sign up to sites like Experion for free for 28 days to check this out, just be sure to cancel before they start charging you).

Generally speaking, they'll lend you ca. 3 x your income, assuming you don't have any other shocking debts or weren't recently made redundant.

jobchange Tue 06-Sep-11 20:29:32

Thanks Spam thats great advice I apprecite it.

Xales Tue 06-Sep-11 20:30:19

OK I misunderstood.

You can be unemployed or a stay at home parent, earn nothing and still go on the mortgage with your DP.

I have no idea what the modern rules are to be honest except you now need a really chunky deposit.

£530 a month is only about £6k a year. As such if they say the max you can have is 3x the main salary plus 1 x the secondary salary plus 20% deposit your P/H would need to be on mmm say £30k a year.

So deposit = £20k
Plus 3 x 30k = £90k
Plus your salary = £6k

Is a total of £116k.


jobchange Tue 06-Sep-11 20:45:27

Ok thats great thanks ,how much do you need for moving and stamp duty roughly on top of that?.

He earns around £25k.

jobchange Tue 06-Sep-11 20:46:39

So thats why I think I need to earn more,so would I be better looking for a job with alot more hours now or a years time when dd goes to school.

TalkinPeace2 Tue 06-Sep-11 20:48:40

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