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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? 
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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? 
    @lemon123 If you're only looking to borrow 80-100k on two incomes, you may be comfortably home based on your p/t NHS salary + partner's income.

    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.

  • 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
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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
    @bakerman1989 Has the valuation happened?

    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.

  • sarahdh
    sarahdh Posts: 348 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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.
    2022 wins: PS5 bundle, SSD drive, luxury truffles

    Debt free and intending on staying that way!
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.
    @sarahdh I can't speak for your specific case, but generally speaking, on its own, I wouldn't expect 3+ years old pdl history to negatively impact an application with Nationwide, or for that matter with most mainstream lenders.

    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.

  • silvercar
    silvercar Posts: 49,562 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    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.
  • Nuri123
    Nuri123 Posts: 43 Forumite
    10 Posts
    Do natwest always request a home visit survey done on a remortgage 
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.  
    @silvercar Generally speaking, I wouldn't expect you to be able to do a non-advised PT with term extension, especially since it's I/O.

    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.

  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Nuri123 said:
    Do natwest always request a home visit survey done on a remortgage 
    @nuri123 Assuming that you're referring to a lender valuation, it can be desktop, drive-by or an internal inspection. That's true for all mainstream mortgage applications, not just NatWest.

    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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