B
buzz55
Guest
Hi all,
I've seen a house for sale that I would really like to buy, its on the market for c. 260k. I currently earn 25k per annum, with my partner being self employed with a (very) fluctuating income. He is a software contractor, but got hit badly with the downturn in IT a few years back and was out of work for 1.5 years. He has now been working on 3 different contracts since November 03.
I have a few questions that I hope someone can help me with please.
First off, based just on my salary, what is the absolute maximum mortgage I could get? (No other loans outstanding)
If I got my employer to say on paper that my salary was more than it actually is, say 32/33k, what then would my maximum borrowing power be? Is lying on your salary cert a very bad idea, or just a small bit risky?
Lastly, as my partner is contracting he does not have a p60 etc. If I wanted some help from him in trying to purchase the house, how could we show to a mortgage provider that his minimum income each year would be at least 20k? His current contract runs out at the end of March and he will have grossed 20k by then, so even if he doesn't work for the rest of the year (which I'm sure he will but worst case scenario) he will have that income.
Please help, I want this house!
Thanks.
I've seen a house for sale that I would really like to buy, its on the market for c. 260k. I currently earn 25k per annum, with my partner being self employed with a (very) fluctuating income. He is a software contractor, but got hit badly with the downturn in IT a few years back and was out of work for 1.5 years. He has now been working on 3 different contracts since November 03.
I have a few questions that I hope someone can help me with please.
First off, based just on my salary, what is the absolute maximum mortgage I could get? (No other loans outstanding)
If I got my employer to say on paper that my salary was more than it actually is, say 32/33k, what then would my maximum borrowing power be? Is lying on your salary cert a very bad idea, or just a small bit risky?
Lastly, as my partner is contracting he does not have a p60 etc. If I wanted some help from him in trying to purchase the house, how could we show to a mortgage provider that his minimum income each year would be at least 20k? His current contract runs out at the end of March and he will have grossed 20k by then, so even if he doesn't work for the rest of the year (which I'm sure he will but worst case scenario) he will have that income.
Please help, I want this house!
Thanks.