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Finance Q - Ne wmortgage, reduced income?

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URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=27861
Printed Date: 19 September 2024 at 2:50am
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Topic: Finance Q - Ne wmortgage, reduced income?
Posted By: xLUCKYx
Subject: Finance Q - Ne wmortgage, reduced income?
Date Posted: 03 August 2009 at 1:32pm
Here's a curly one...

DP and I want to buy a new house - we are fast outgrowing our current house which was our first home, We bought it when we were both working full-time so looked the part finance wise when it came to getting a mortgage pre-approval.

NOW though, I am concerned we might not be able to borrow as much (we want to borrow more actually) as I am only working part-time. We have no problems meeting our payments and have never missed a beat. So anyone else had any experience and did you get as much $$$?



Replies:
Posted By: caliandjack
Date Posted: 03 August 2009 at 1:38pm
would you be selling your current home?
that would be your equity in your next house, and your ability to repay
we've re-fixed out mortgage with the same bank and they didn't even ask us about our income as we are meeting our commitment as it is
i haven't had a secure income for 12 months, but DH does and can meet the mortgage repayments on his own

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Angel June 2012


Posted By: busymum
Date Posted: 03 August 2009 at 1:43pm
When we changed homes we had less income (but only one of us working in both cases, so it wasn't half income) but because we had so much equity from our first place the bank was very happy to keep us on. Because we were unsure, we went thru a broker

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Posted By: xLUCKYx
Date Posted: 03 August 2009 at 1:49pm
We will be selling our current home - we are going to tidy it up as much as poss and hopefully get a bit more than what we paid as we bought unfurnished and I think homes go for more furnished. We have only been here 2 and a half years though so we don't have loads of equity by any stretch.... We have a good payment history though. We are on a 20 year mortgage and would like to go onto 25 or 30 so our payments would potentially be less or the same... I think I will start talking to a broker. We don't want to sell till summer but I won't bother selling at all if we can't get enough $$ to buy the house we want to.


Posted By: sadie
Date Posted: 03 August 2009 at 1:52pm
We did this recently. When we bought our last house three years ago, both DH and I were working FT and with really good salaries. We calculated the mortgage repayments based on that income, and we borrowed almost as much as we could.

DS came along and I stopped working. Fortunately, DH moved jobs and was on the fast track for promotion. Even though our income was reduced by a fair amount with the loss of my salary, we were still ok - we just had a lot less disposable income.

He got offered a promotion in another town, so we had to sell and rebuy. I'm still not working, and his salary is still less than our combined one on our original mortgage application.

Didn't matter at all. Interest rates have dropped, and we have a great relationship with our mortgage guy. We were also lucky enough to make a decent amount of profit on the sale of our Auckland house. Still, our mortgage now is still around $50k more than our old one, and our income never came into question. The bank knows we can service the loan so are fine with it. Our repayments are about the same as the old loan thanks to the lower interest rates.


Posted By: clover
Date Posted: 03 August 2009 at 2:07pm
As long as you can service the debt on the combined income it won't be a problem, there are calculators online where you can work out your servicing ratio.

You'll only be able to get a 30 term if you are under 35 (I'm assuming all banks have the same rules).

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Posted By: littlestar
Date Posted: 03 August 2009 at 2:53pm
I think if you are staying with your current bank then it should be fine as they will look at your history with them. If you are thinking of going to someone else then it might come up.

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Posted By: David268120
Date Posted: 29 July 2021 at 9:16am
well, it depends on you and the amount of time you dedicate to work or generate income and if your income reduces you can be able to search another way, for example, I trade in http://usforexbrokers.com/the-benefits-of-forex-if-you-want-to-become-a-trader-in-the-united-states/" rel="nofollow - http://usforexbrokers.com/the-benefits-of-forex-if-you-want-to-become-a-trader-in-the-united-states/ and that helps me too much with advice, brokers and even more, I feel anyone can make money just trading.



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