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Any mortgage advisors out there?

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My wife and I are looking at buying our first house, but we are unsure whether her income will qualify when they calculate our combined income. Basically she is doing a PhD, which lasts for 3 years… Read More
stufai Avatar
7y, 5m agoPosted 7 years, 5 months ago
My wife and I are looking at buying our first house, but we are unsure whether her income will qualify when they calculate our combined income.

Basically she is doing a PhD, which lasts for 3 years, and has been awarded a grant for the next 3 years. So although it's probably more stable than my job, will it count towards our income as it isn't technically a salary. Or will different lenders include it/not include it.

Thanks in advance.
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stufai Avatar
7y, 5m agoPosted 7 years, 5 months ago
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#1
hi i am not a morgage advisor but when we got our morgage they took my family allowance in account and its a 25 year morgage so i would say you will be fine.
banned#2
I think it will depend on mortgage lenders
[mod] 1 Like #3
It will not be used as a salary calculation as it is a grant. I know they are not stable at the moment but jobs are what secures your mortgage. I know you will know this but they will ask for your occupation for each applicant. Especially at the moment as lenders are tightening up.

Whether it can be classed as "income from other sources" is up to the lender.

Be careful not to commit fraud by being untruthful or misleading on your application.

The best thing to do is appoint a mortgage advisor who will be paid by the lender. Search for local advisors in your area. They will not charge you a penny as long as they are on the lenders panel.
#4
I thought every body commits mortgage fraud to get one.?????????????????????????????
Maybe im just cynical .
#5
As stated above find a broker they will help a lot.

A big deposit helps.
#6
bigwheels
As stated above find a broker they will help a lot.

A big deposit helps.


Is that an offer?!

:-D
#7
Thanks for your help everyone - will contact a few banks or an advisor and see what they say.
banned#8
a financial advisor will cut out all the hard work, why bother phoning around yourself, they will find the company that will give you what you need. a good one will know which ones to approach
banned#9
sassie;7428044
a financial advisor will cut out all the hard work, why bother phoning around yourself, they will find the company that will give you what you need. a good one will know which ones to approach

I think you'll find they'll find the one that pays them the most commission

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