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Being moved to part time - will this affect a remortgage?
bridgethelanger
Posts: 2 Newbie
My employer is moving me to part time in terms of my current hours (35) next month. I am wondering whether many banks, building societies take this into their consideration when assessing affordability. My salary is not changing. I note that on every credit application they ask whether you are full or part time but does this make any real difference?
I have asked one bank but they were non committal on the response and said they look at how long you have worked for a company and how much you earn then compare this to your outgoings - is it really this simple?
If it is as simple as above why do they not ask whether you are employed not splitting full and part time.
I can look to stay full time but it will increase my outgoings above the increase in salary due to travel costs.
I have asked one bank but they were non committal on the response and said they look at how long you have worked for a company and how much you earn then compare this to your outgoings - is it really this simple?
If it is as simple as above why do they not ask whether you are employed not splitting full and part time.
I can look to stay full time but it will increase my outgoings above the increase in salary due to travel costs.
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Comments
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I dont think full time/part time is closely monitored. I guess that more focus is aimed at affordability, salary, employment history etc.0
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If your income remains the same, it will make no difference.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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bridgethelanger wrote: »If it is as simple as above why do they not ask whether you are employed not splitting full and part time.
Some people have multiple employment positions.0 -
bridgethelanger wrote: »My employer is moving me to part time in terms of my current hours (35) next month. I am wondering whether many banks, building societies take this into their consideration when assessing affordability. My salary is not changing. I note that on every credit application they ask whether you are full or part time but does this make any real difference?
I have asked one bank but they were non committal on the response and said they look at how long you have worked for a company and how much you earn then compare this to your outgoings - is it really this simple?
If it is as simple as above why do they not ask whether you are employed not splitting full and part time.
I can look to stay full time but it will increase my outgoings above the increase in salary due to travel costs.
Contract hours does not reflect ur affordability.
Remortgage amount affordability = ur salary X 4.5 times (+|- 0.5 times)0
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