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NatWest & Continuous Employment
toddler9
Posts: 144 Forumite
I am looking for some advice from anyone who may have any recent experience with NatWest mortgage applications and cont8inuous employment.
We are looking to port our mortgage and add on some additional borrowing. NatWest have said they can’t take into consideration my husband’s salary for the additional borrowing (his name is on the original mortgage) as he has only just started a new job after being made redundant in Jan. I will also have to absorb him as my dependent so they will calculate affordability based on his outgoings and car payment being made from my salary. His new job is in the financial sector with a large well known company.
The job he was made redundant from he worked for 10 years so he has a stable past.
However after speaking to another NatWest in branch mortgage advisor they have said they will accept a letter from his employer if it states the start date, salary and that he is not in a probationary period. When I looked online at the “Intermediary Solutions” I can see they do accept graduates without 6 months continuous employment (but my husband is not a graduate). To add further complexity my husband is also employed by the MOD as an Army Reserve and has been since November however this is part time and not paid every month.
So my question is: has anyone heard of NatWest accepting an application from someone without 6 months continuous service but with a now permanent full time position?
Seems slightly unfair that they can stress test the affordability on the assumption that interest rate could be 7% in the future but won’t take into account he has a job right now?!
We will be stretching affordability on just my salary although it is do-able according to their systems. Payments will be the same as we pay now (including the monthly over payment we make) so I hope it will be OK!
We are looking to port our mortgage and add on some additional borrowing. NatWest have said they can’t take into consideration my husband’s salary for the additional borrowing (his name is on the original mortgage) as he has only just started a new job after being made redundant in Jan. I will also have to absorb him as my dependent so they will calculate affordability based on his outgoings and car payment being made from my salary. His new job is in the financial sector with a large well known company.
The job he was made redundant from he worked for 10 years so he has a stable past.
However after speaking to another NatWest in branch mortgage advisor they have said they will accept a letter from his employer if it states the start date, salary and that he is not in a probationary period. When I looked online at the “Intermediary Solutions” I can see they do accept graduates without 6 months continuous employment (but my husband is not a graduate). To add further complexity my husband is also employed by the MOD as an Army Reserve and has been since November however this is part time and not paid every month.
So my question is: has anyone heard of NatWest accepting an application from someone without 6 months continuous service but with a now permanent full time position?
Seems slightly unfair that they can stress test the affordability on the assumption that interest rate could be 7% in the future but won’t take into account he has a job right now?!
We will be stretching affordability on just my salary although it is do-able according to their systems. Payments will be the same as we pay now (including the monthly over payment we make) so I hope it will be OK!
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Comments
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Is he in a probationary period?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No there is no probationary period.0
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I received an AIP from natwest and do not start my new job until September. They require a letter from the employer stating salary, start date and that it is a permanent contract. I'm a graduate (this isn't my first job out of Uni though, I'm 39!).Haven't done the full application yet though so, so no idea if it could throw up problems later.0
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