Going for morgage - p/t work included

J

josie80

Registered User
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Hi everyone,
I have a quick question, going to buy an apartment with the b/f we're already been approved for a morgage, does anyone know what would happen if i was working p/t instead of fulltime, do the banks still include this as an income.
The apartment may not be built for two years so we'd have to renew our morgage (or do we) and i may be working p/t when the renewal comes date comes around,
Any advice would be greatly appreciated,
Thanks
 
They will include it if it's a permanent position not subject to probation but a smaller income will reduce your borrowing capacity.
 
The reason i'd be p/t is i was planning on going back to college, would they take into account that i'd be on more money once i finish college compared to now and also do you know how long it takes before a morgage has to be renewed?
 
They will only take into account what your actual earnings are. If you have just gone back to college it will probably be at least a couple of years before you're qualified and earning a higher salary - plus there's no guarantee of this.

A loan offer usually expires after 6 months but some lenders will allow it to stand for 12 if the property is a new build.
 
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