Halifax contracted hours and applying for a mortgage

TheSenSibleOne

Went into halifax to ask about some of their savings accounts as we are looking to buy a house in 15-24 months. I told him our incomes etc etc,

Now i work 31 hours every week, however my contract is only 20 hours. Will halifax take the hours I actually work or just my contract and then maybe add a little for working more? Or will they do the sensible thing and just use the hours I have been working for past 1 and a half years?

P.S currently working on filling an ISA paying 3%, is there any better way of saving specifically for a mortgage?

Thanks in advance

opinions4u

If you're keen to go with Halifax register for this:

http://www.halifax.co.uk/savings/home-saver/

Take a look at regular saver accounts such as those offered by HSBC or First Direct.

Many lenders will take overtime into account, but usually around half of what is regularly earned.

TheSenSibleOne

opinions4u wrote: »

If you're keen to go with Halifax register for this:


Take a look at regular saver accounts such as those offered by HSBC or First Direct.

Many lenders will take overtime into account, but usually around half of what is regularly earned.

Hi, Thanks for reply.

The only reason I mentioned halifax was due to being a customer. I am unsure as to whether the home saver will be relevant as it has to be completed by july 2013.

First direct you have to be cardholder and hsbc you need an advance current account.

eschaton

TheSenSibleOne wrote: »

Now i work 31 hours every week, however my contract is only 20 hours. Will halifax take the hours I actually work or just my contract and then maybe add a little for working more? Or will they do the sensible thing and just use the hours I have been working for past 1 and a half years?

It depends on what you call sensible.

I don't call taking into account earnings that are not guaranteed sensible whilst determining affordability.

I have had staff in the past working regular overtime, but if the hours do become regular then the contract is changed accordingly.

Can your employer not change your contract?