Potential strikes when preparing to remortgage

Rhonasaurus

My current fixed term is due to end June 2024. I work for a local authority and I’m part of a union that has just balloted us on strike action over pay. It looks like there has been enough votes for members to strike but the union are waiting on the conclusion of other union votes before deciding to call a strike.

I can manage financially if I have to strike but if strikes are called it is going to coincide with the period where I would need to be providing payslips to show my income for remortgage. What I’m wondering is will this affect the mortgage rate I’m offered? Or would explaining the reduced income is due to striking be enough

MWT

If you are just intending to take a new product with your current lender then there would not normally be any need to go through a fresh financial assessment.

simon_or

I can't imagine a day or two of strike deductions on a payslip having any effect. Wouldn't it be the same as unpaid sick leave deductions on a payslip.

Rhonasaurus

Well I don’t know if I would be staying with my current lender, it would depend on if I could get a better deal elsewhere.

Also I don’t think it would be a day or two of strikes over a three month period

MWT

It would be interesting to hear from any brokers who have had cases like this, but anecdotally, people do report some lenders reducing offers due to strike related deductions, particularly where they are are shown across multiple payslips, others report the lender was only interested in the contractual salary level...

So this is one of those situations where it could affect your application or it might not...

As ever, use a good broker and ask about their experience with similar situations before proceeding...

chanz4

Rhonasaurus said:

My current fixed term is due to end June 2024. I work for a local authority and I’m part of a union that has just balloted us on strike action over pay. It looks like there has been enough votes for members to strike but the union are waiting on the conclusion of other union votes before deciding to call a strike.

I can manage financially if I have to strike but if strikes are called it is going to coincide with the period where I would need to be providing payslips to show my income for remortgage. What I’m wondering is will this affect the mortgage rate I’m offered? Or would explaining the reduced income is due to striking be enough

you dont have to strike if you dont want to

Rhonasaurus

MWT said:

It would be interesting to hear from any brokers who have had cases like this, but anecdotally, people do report some lenders reducing offers due to strike related deductions, particularly where they are are shown across multiple payslips, others report the lender was only interested in the contractual salary level...

So this is one of those situations where it could affect your application or it might not...

As ever, use a good broker and ask about their experience with similar situations before proceeding...

Thank you that's really helpful to know.

chanz4 said:

Rhonasaurus said:

My current fixed term is due to end June 2024. I work for a local authority and I’m part of a union that has just balloted us on strike action over pay. It looks like there has been enough votes for members to strike but the union are waiting on the conclusion of other union votes before deciding to call a strike.

I can manage financially if I have to strike but if strikes are called it is going to coincide with the period where I would need to be providing payslips to show my income for remortgage. What I’m wondering is will this affect the mortgage rate I’m offered? Or would explaining the reduced income is due to striking be enough

you dont have to strike if you dont want 

Yes I am aware that I don't have to strike but this is one of the things that will inform my decision on that