Property investment for young people
Although there has been popular discussion on the Internet in recent years about "living down", in fact there are still many young people who are willing to work hard and make money while they are still young. In addition to their full-time jobs, they will also work part-time or take freelance jobs to increase their income. After accumulating a certain amount of savings, buying a home has always been an investment option suitable for conservative people.
Part-time income and mortgage declaration
The question is whether part-time income can be declared for mortgage together with full-time employment, and what should I pay attention to?
Part-time income should be reported together with full-time income
It is true that part-time income can be reported together with the income certificate from the full-time job, but applicants must pay attention to several details.
Things to note:
- Make sure your part-time income comes from legal sources and has relevant tax certificates.
- File your taxes separately from part-time income and full-time income to avoid confusion.
- If you have any questions, it is recommended to consult a professional accountant or tax advisor.
Can create a mortgage of up to 80%
For example, in the contract of the full-time job, does it state that employees can work part-time or side jobs? If so, the applicant can make up to 80% of the mortgage; in addition, civil servants are not allowed to declare part-time income to increase their income. These are all things that need to be paid attention to. . However, since the term "part-time job" is relatively loose, the actual situation may be different when applying for a mortgage for different types of part-time jobs. For example, if the part-time job is sustainable, such as a work contract with a specified period of time, and an income record that has been accumulated for a period of time, the bank will have a higher chance of being satisfied.
The relative income of some part-time jobs may be more variable, and banks will calculate it based on non-fixed income. Similarly, they can only provide a maximum of 80% of the mortgage. If the part-time job is a non-fixed income, the applicant must prepare more sufficient documents to prove the income, such as income certificates for the past six months, tax returns, work contracts, etc. Another thing to pay attention to is the issue of working hours. It does not mean that "the harder you work, the more you count." Banks will consider whether the applicant's body can bear the excessive workload.
For example, applicants who are working full-time while also spending several hours a day working part-time may cause difficulties in the approval process. Additionally, if a part-time job conflicts with a full-time job, the bank may question whether the applicant is able to hold down two jobs at the same time, which could affect the outcome of the mortgage application.
Unstable industries are difficult to include in revenue
If the applicant is a freelance worker and holds multiple jobs, can he apply for a mortgage? While there is a chance of getting a loan approved up to 90% of the time, the key is whether the income is stable and consistent. If a clear employment contract, fixed number of working days per month, and salary calculation method can be provided, these will become important basis for banks to approve mortgages. However, jobs such as taxi driving or ride-hailing driving have less stable incomes, so applying for a high-dollar mortgage may be difficult. In addition, due to the legal issues in the online ride-hailing industry, it is relatively complicated to deal with.
Part Time Jobs and Mortgage Referral Companies
After all, there are too many different types of part-time jobs. The author recommends that you find a mortgage referral company or ask more bank staff.