Mortgages with multiple jobs

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Periodically we receive an enquiry from someone who has more than one job and wants to know what their chances are in getting mortgages with multiple jobs.

This could be a combination of two employed positions or one employed and one self employed position. Or perhaps a zero hours job or even more than two jobs.

How these incomes are ultimately viewed by mortgage lenders and the evidence needed by those lenders can vary so I will go through this in more detail from a generic point of view below which should hopefully help to answer your questions.

It is important to bare in mind these are just generic and if your circumstances are different, it is still worth a chat to see what we can do in your specific circumstances.

Multiple Employed jobs

Many Mortgage lenders will accept two positions and use 100% of the income received from both jobs.

So if we assume that lenders will lend 4.5x income and you have one job earning £15,000 and another earning £5,000 then it would give you a combined income of £20,000 and a loan of £90,000.

Mixture of Employment types

Where you have two jobs, one of which is employed and the other is self employed it gets a little more complicated.

The employed position would be something similar to the above in that you should be able to get around 4.5x income (subject to the finer details).

The self employed position however is where it starts to get more complex. As a general rule, most mortgage lenders would need you to have been self employed for 2 years and have two lots of accounts/self assessments.

They would typically average out the last 2 years and apply the same sort of income multiple.

If we assume your first years trading was £10,000 income and the second year was £20,000 that would give you an average of £15,000. Which if multiplied by 4.5x income, gives you a loan amount of £67,500.

Now if we assume you have an employed position of £15,000 and we are using the average from your self employed position (also £15,000) that gives you an income of £30,000 which then means you could potentially get a mortgage of around £135,000.

If we found a lender who would lend based on the latest years income from the self employed position, that would be £20,000 plus £15,000 (£35,000) and multiplied that by 4.5x it would give you a mortgage of £157,500.

Potential Issues for multiple jobs

Where you have more than one job, many lenders will apply a “sense check”, by that it means “does it make sense”.

Is it feasible that both jobs can and will remain in the future? Lenders are looking at things like the number of hours worked, how much travelling is involved and so on.

The key consideration is that a mortgage lender is looking to see that your circumstances are for the long term in making their decision.

If you have a full time job and then say do an extra shift or two in a bar/pub, that would be a lot more likely to proceed long term than 2 x 40 hour a week jobs for instance.

If you do need to use income from multiple jobs, then do please get in touch to discuss your specific circumstances in getting a mortgage with multiple jobs.

The examples given above are just for illustration purposes. We may be able to go above 4.5x income, use latest years accounts, use more than two jobs and so on.

Mortgage Success are a Manchester Mortgage Broker with UK wide, whole of market access to help find the best mortgage available for all of our clients.