Locuming & mortgages

Re: Locuming & mortgages

kerrywilliams2007 — Fri, 25 Jan 2013 09:19:37 GMT

Thanks Ali that's really kind of you! 😀

Re: Locuming & mortgages

Alison Clare Hickman — Fri, 25 Jan 2013 09:04:16 GMT

Good luck and happiness always Kerry! So glad to hear you've sorted things out (hopefully). My offer still stands, if u need free advice about mortgages then pls contact my hubby who will be glad to help...

Ali h

Re: Locuming & mortgages

kerrywilliams2007 — Fri, 25 Jan 2013 08:32:11 GMT

Hi guys, Thank you for all the advice. I've had a meeting with my current employer and hopefully things have been sorted out now. I think I was panicking a little bit so was trying to think of an options for if things couldn't be sorted. I won't be moving till the end of the year so if I did Locum it would be soon. Fingers crossed now that the new plan following the meeting will work out for me! Thank you again peeps. For the future when i relocate will probably rent, Locum till find a practice I like and then buy when I know the area! Fingers crossed for new home for Christmas!!

Re: Locuming & mortgages

Alison Clare Hickman — Thu, 24 Jan 2013 10:43:46 GMT

Yup, I know all that as am a former bank manager and have also worked for HMRC in taxes. Also work for my husband (unpaid, I might add, boo) as his PA. Just it needs to be said that if you go into a mortgage agreement knowing that you intend to immediately switch jobs, and your income differ / be at risk, and keep quiet about it, it can be seen as not providing full disclosure to the lender. Fraud in other words. That is different to changing jobs well after you have the mortgage in place... so the poster needs to be careful. Am just saying, is all.

Respect.

Ali h

Re: Locuming & mortgages

Mark Hedberg — Thu, 24 Jan 2013 08:35:59 GMT

Who, me? Joking aside; once you've proved your initial creditworthiness there's nothing in the mortgage that says they have to approve you leaving your job. As long as they get their monthly pound of flesh, they'll leave you alone. Theoretically they can decide to revoke a mortgage if they feel like it (for very little reason than "we decided" but as long as you make your monthly payment, you've got your house. Make sure it's a deposit as large as possible, you want to keep your monthly payments down.

Re: Locuming & mortgages

Alison Clare Hickman — Wed, 23 Jan 2013 19:11:42 GMT

Ooh Mark,

NAUGHTY boy!

Ali h

Re: Locuming & mortgages

Mark Hedberg — Wed, 23 Jan 2013 16:25:46 GMT

Well, you can always change jobs after the mortgage is signed, can't you?

Re: Locuming & mortgages

Alison Clare Hickman — Wed, 23 Jan 2013 09:46:03 GMT

Hi,

My husband is an independant mortgage consultant. You could send your queries to him at vince@mortgagesolutionsofwakefield.co.uk; am sure he will be happy to provide some advice (free!).

Ali h

Re: Locuming & mortgages

Louise B — Wed, 23 Jan 2013 08:03:00 GMT

Hi Kerry, my advice would be to tread very carefully before doing this if you need to get a mortgage (unless the size mortgage is doable on your partner's mortgage). I have had mortgages whilst a self-employed locum - but this was during the early 2000's when lenders were not quite as strict. Even then, I ended up having to self cert my income which meant paying about an extra 1% on the mortgage rate. The best rates will always want someone that is in permanent work and has been working in that job for a little while (i.e. not just started). Lenders are so cautious at the moment that it is a bit of a nightmare compared to a few years ago. Could be worth an informal chat with a mortgage advisor though now to see what they think - these kind of circumstances are where advisors come in very handy!

If you do go for it anyway, don't bother with the HSBC if you are locumming. They give very good rates but are notorious for turning people down (even when the mortgage in principle was okay). I am actually buying a house at the moment and am going with the HSBC (but I have banked with them for 25 years) - they have jumped me through loads of hoops considering I am requesting a mortgage which is only about 2.2 x my salary and am in a secure job that I have had for 2 1/2 years. They are well known for being a risk averse lender - which is probably why the rates are good and they weren't collapsed by the banking crisis.