earnings on P60

P

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Hi ,I'm new to this forum so please be patient if I'm bringing up something that loads of you have discussed already, thanks.Basically I'm wondering how much my boyfriend and I are going to be able to borrow,I'm studying at the moment so no earnings, his are 40,000 ,my brother is coming in on the mortgage with us if possible ,his earnings are 20,000.I'm also worried we may have a problem with lenders as figures on boyfriends P60 for last year are low ,20,000 mark as he was self employed for part of last year,he's currently doing his tax return.His parents are also willing to go gaurantor or come in on the mortgage also,is this possible?Sorry for such a long post ,any replies will be greatly appreciated
 
Thanks,that's helpful,my major concern at the mo is what the banks will make of earnings for last year.Will they assess our application on income at present time?Another issue is boyfriend's bank statments,as he gets paid by cheque every week which he then cashes,how will this look to the banks?
 
If your boyfriend was self-employed he'll have to show accounts for that period.
Re. the P60 from last year if it shows 20K in earnings for half the year, it will also say that he only worked as an employee for 26wks (or thereabouts).
Finally, you should remember that banks will lend you what they think you can afford to repay, if they won't lend you as much as you need, it's not the end of the world - you will be able to buy when you are in a better position to make repayments, and it may be for the better in the long run.
 
Your boyfriend should start lodging his pay cheque into his bank account - even if he withdraws the money immediately they'll be a paper trail showing verified earnings. As long as he has no tax issues remaining from last year the self employed period wouldn't be a problem.

Sarah

www.rea.ie
 
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