Zero Hours Contract

curiousgeorge12

Hi,

We are looking to move in 2019 and will need to increase our borrowing. I work full time and my wife works as a bank nurse (effectively zero hours contract, she decides when she works) with the NHS.

Our current lenders criteria states that they will look at the last 12 weeks pay slips (she is paid weekly) but does anyone have any experience as to whether they will look over a longer time to assess a level of income? She has been in this position over a year which is another part of their criteria.

We are fixed in with current lender so do not want to consider paying ERCs and going elsewhere at the moment

Thanks

BAFE

I don't think they'll look over it at a longer time no, because they want new and up to date information.

LRmortgage

You don’t state who the lender is so no one will be able to offer any help with your question.

However, if that is what they have asked for, then that is probably all they will want to look at. Although as she’s on a zero hours contract, they may ask for proof she’s been there at least 12 months.

[Deleted User]

Likely depends on the case as a whole - Declaring something silly like £50k on a bank contract is going to 100% get them to ask for P60s. Something like £20k maybe not (depending on the hourly rate evidenced).

Essentially if there are concerns your wife has declared an unsustainable level of income (working more hours in the 12 weeks prior to up affordability etc) then they could well request more. In my experience I think people sub-conciously do it - "Oh of course I need to do more OT to make sure my payslips look good" - they don't realise lenders are wise to it if that's the only OT you've done all year!

If you apply in say June 2019, Year to Date is fairly useless (only covers 3 months), so they may well ask for more - depending on company policies/risk appetite. If you apply in March 2019, YTD is the full 12 months so effectively a P60 - if that matches what has been earnt in the last 12 weeks then that could well be that.

Say last 3 months to March 19 show an income of £1,000 a month, but year to date shows a total of £6,000 - clearly they'll be obliged to investigate more (or apply capping rules, like using the lower YTD figure not working off the 3 months higher figure). If YTD shows £11k+, then they could just accept it no questions asked - especially if it's not a 'borderline' case (i.e. lots of room in affordability, you're in a stable job, no adverse credit etc etc).

curiousgeorge12

Thanks for this

Lender is Santander

Alarae

I arranged my mortgage with Santander in May.

They looked at the last 13 weeks and then created an annualised figure off those.

Doubt they would look any further back as they assess on recent earnings.

Thrugelmir

curiousgeorge12 wrote: »

We are looking to move in 2019 and will need to increase our borrowing. I work full time and my wife works as a bank nurse (effectively zero hours contract, she decides when she works) with the NHS.

How dependent are you on your wife's income to support your borrowing requirement.

Is there a reason behind your wife working bank shifts. Other than personal preference.

MortgageMamma

I've had cases where the level of spending has been high due to travelling or christmas etc, and have asked lenders to look at over a longer period than their published criteria and had some success with some smaller building societies that don't have a computer says no mentality.

I've not done it with Santander so I don't know whether they would be able to do that or not, but I see no reason why you cannot ask for your own reasons. Did you use a broke or do this through a branch at Santander?

curiousgeorge12

Works on the bank for childcare mainly, she used to be employed on a contract, I am the main earner but would be reliant on her income to increase borrowing to purchase new house