Quick Q Regards a joint mortgage application

[DeanR32]

Evening all

I'm looking to get another mortgage soon. how do they work out if you can afford a mortgage? Silly question I know, but I earn X amount, and the missus earns a tiny spare time wage. I doubt she will take home 5k per year.

I want to pay her a wage to take her up to the maximum she can earn before tax, but would that mean I can afford less on a mortgage? I thought they went on so many times the higher wage and one of the smaller one. How do they do it these days? I was hoping they'd take both wages combined into account.

I hope I'm making sense.

Cheers in advance

[DeanR32]

So me earning, for arguments sake, 50k and her 5, would be taken in the same consideration as me earning 45 and her 10?

I'd have emailed you direct, but don't want to bother you till I'm ready to roll Sarnie.

Cheers

[DeanR32]

Sorry I didn't reply yesterday. I was soundo!

No, she doesn't own any of the company. I'll just be paying her a wage for doing a few bits and pieces for me.

Hope that doesn't matter?

[DeanR32]

She's employed at the moment. She does a couple nights a week in a pub, so she's PAYE. Zero hours, but she gets payslips. I just wanted to pay her up to 10k, so only a few grand, up to 5 the most.

Am I best to not pay her anything and leave my wage as mine and hers her own? I just wanted to get rid of some money if I'm honest.

And hopefully, I'll be getting a tax rebate, like every year. Do they count that as part of my wage, or anything to my benefit?

Thanks for the replies by the way

[DeanR32]

Inkyfingers said:

I can't comment on the mortgage question, but assuming she does actually do some work for your business, then paying part of your wages to her would make sense from a tax point of view. Currently her tax free and basic rate allowances are being wasted, while you pay at the higher rate.

Thanks for the reply Inky

As you say, it makes sense to use up the allowance she has left. I'm just trying to cover all angles as we need another mortgage pretty soon. As long as they take the money she earns altogether as one wage. If they will accept the money I give her as her wage, and it doesn't (as confirmed by Sarnie) go on multiples of the biggest wage, then I'll be happy.