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Mortgage broker - ask me anything
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Hi, I currently work 34.5 hours in the NHS, but due to personal circumstances am considering changing my contracted hours to 23.5 per week, and use the nhs bank to work extra shifts as and when I need for extra money. For context - there are available shifts every day and night, however NHSP bank is a zero hour contract.My concern is that, when it comes to me buying my first property, my mortgage options may be limited if I change my contracted hours to part time.I am hoping to buy my first property in 2024 with my partner. My partner works full time hours. We would have a very good sized deposit between us but would still likely need to borrow about 80-100k.Are you able to advise? Is it worth hanging on until I have secured a mortgage to start changing contracted hours?0
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Lemon123 said:Hi, I currently work 34.5 hours in the NHS, but due to personal circumstances am considering changing my contracted hours to 23.5 per week, and use the nhs bank to work extra shifts as and when I need for extra money. For context - there are available shifts every day and night, however NHSP bank is a zero hour contract.My concern is that, when it comes to me buying my first property, my mortgage options may be limited if I change my contracted hours to part time.I am hoping to buy my first property in 2024 with my partner. My partner works full time hours. We would have a very good sized deposit between us but would still likely need to borrow about 80-100k.Are you able to advise? Is it worth hanging on until I have secured a mortgage to start changing contracted hours?
To get a very rough idea of whether or not going p/t stops you from borrowing 100k, just play around with a couple of lender affordability calculators like the ones below.
https://online.accordmortgages.com/public/mortgages/quick_enquiry.do
https://www.nationwide-intermediary.co.uk/calculators/affordability-calculator
I am a Mortgage Adviser - 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.
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Any idea on turnaround times for Halifax at the moment? Our case manager (large national broker) initially said 5 working days almost two weeks ago and has now went almost completely silent on us0
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Bakerman1989 said:Any idea on turnaround times for Halifax at the moment? Our case manager (large national broker) initially said 5 working days almost two weeks ago and has now went almost completely silent on us
Can't speak for your specific application but generally speaking, Halifax are as fast as they usually are - most applications the valuation is instructed immediately (though for physical valuations there can be a delay depending on surveyor availability, access, etc.), processing/underwriting team picking applications up and raising queries up in 1-2 working days, turning around any responses in the same timescales. I've done 2 this month and they've both flown through, though both were fairly straightforward 95% LTV FTB PAYE apps.
So if it's been two weeks with no news it's either that underwriting is complete and they're waiting for the val to be done, or they've raised a query which is sitting with your broker and hasn't been responded to, or it's already gone to offer and you just haven't been told.I am a Mortgage Adviser - 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.
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What are Nationwide like with accepting applications from people with past payday loans? My husband had 3-4 in total, most recent 2018 (possibly 2019 if they count that one as a payday loan). No missed payments at all, otherwise good credit.
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Debt free and intending on staying that way!0 -
sarahdh said:What are Nationwide like with accepting applications from people with past payday loans? My husband had 3-4 in total, most recent 2018 (possibly 2019 if they count that one as a payday loan). No missed payments at all, otherwise good credit.
I am a Mortgage Adviser - 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.
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We have a mortgage that ends Summer 2026, IO lifetime base rate tracker +0.7%. When I say end, I mean the end of the 20 year mortgage not the end of the deal. (It has served us well). Can we do a product transfer with our existing lender, that takes us beyond Summer 2026 or is that a hard restriction.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Do natwest always request a home visit survey done on a remortgage0
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silvercar said:We have a mortgage that ends Summer 2026, IO lifetime base rate tracker +0.7%. When I say end, I mean the end of the 20 year mortgage not the end of the deal. (It has served us well). Can we do a product transfer with our existing lender, that takes us beyond Summer 2026 or is that a hard restriction.
I am a Mortgage Adviser - 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.
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Nuri123 said:Do natwest always request a home visit survey done on a remortgage
I don't know what the process is for NatWest off of the top of my head, but if you need it to be an internal inspection (eg: because of recent significant improvements like a rear extension, loft conversion, etc. that wouldn't be captured on a desktop val) there should be a process for that as well.I am a Mortgage Adviser - 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.
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