Army Reserves & mortgage

toddler9

Hello - I do apologise for starting 2 threads in one day - I really appreciate everyone's invaluable advise on here.

My husband and I are hoping to move into a bigger property soon porting our existing mortgage and borrowing some additional. However he was made redundant in December after 10 years in his job. He has taken the time between now and then to finish our house renovations. He started a new permanent job 2 weeks ago with no probationary period. Natwest have said they won't however accept him as part of the additional borrowing as his employment has not been continuous for 6 months.

In October last year my husband joined the Army Reserves (TA) and has attended and been paid for going every week (1 evening) and also 2 extended periods of training. He is registered as employed with them through HMRC. Will this count as continuous employment? Even if they don't consider the salary from this (only £35pw & add hoc bonuses of £1000+ for training weeks) they could consider from his new full time employment started 2 weeks ago?

Anyone with any experience to share of this I would greatly appreciate your input. Many thanks

Thrugelmir

Best to keep your posts to a single thread. As the facts become disjointed.

From what I can surmise.

You wish to port your existing mortgage and borrow up to 85% LTV.

Your husband has been in his current job for 2 weeks.

You've £7k of existing credit card debt.

You are expecting a baby in September.

You are paying for the finance on a car.

The property has no heating.

Are you paying the cost of the move/purchase out of the purchase as well?


I only ask as is affordability going to be an issue? Once all the factors are taken into consideration.

toddler9

Sorry yes too many separate posts!

After we have put our 15% deposit down we will have around £20k left for the new heating and paying off £7k credit cards. Ou new monthly mortgage payment will be £498 and car finance remains £250. I have separate savings to cover fees and my maternity leave so essentially I will have the same monthly salary I do now.

I was just wondering about the continuos employment thing for my husband ? Obviously going forward with the additional borrowing on my own doesn't look quite so rosy to the lender!