We present an ab initio study of a prospective composite multiferroic L*Fe₂/PbTiO₃(001), with a Fe-film thicknesss of L<4 monolayers. The change in magnetization induced by the electric polarization reversal is discussed. Our calculations imply a strong magnetoelectric coupling for L=1 and a dramatic change of the magnetic order with increasing the Fe-film thickness between 1< L <3.