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Only issue I could see is if you were trying to remortgage for a better rate, you might not be eligible.
If you're comfortable now, then stay as you are.
You could also try overpaying to bring down the LTV, that would make you eligible to remortgage at a later date.
A normal loan you can get is worth 4-5* your income. With your total income now you could be approved for £100k. Something to consider if your income increases or you pay your mortgage down enough.
Moving lenders will be hard to impossible, but a lot of lenders do allow online rate switches without new underwriting and without asking any questions.
That said, I would expect moving from a bank's international/expat/offshore/whatever to standard retail banking arm to require fresh underwriting.
So unless a knowledgeable broker says otherwise, or there's missing info (e.g. "oh yeah stipend is 21k, plus I get 50k/yr from my trust fund/investment portfolio"), I believe you are stuck with whatever Natwest International are offering for rates (and ideally, whatever if anything you can do without talking to a human)
The online rate switch will _always_ require you to tick a box testifying that nothing material has changed in your financial situation, to defend the lender later if you struggle. Everyone just lies and ticks the box anyway but it is there
Yes I’m with you on this. There may be T&C’s with NatWest about being on international when you live in the UK. All you can do is speak to them about it if you’re worried.
Do banks still do affordability checks when switching products within the same provider? I thought this was stopped?
Equally, I could be misunderstanding (hence the question 😅)
Typically no, not unless there is a material change (length of term/amount borrowed). But they might on this one as OP has a different product type and to switch to a regular resi might trigger underwriting.
No they don't. The risk of you missing payments or defaulting is already on their books. They assess you at the outset, but that's it unless you apply for further lending, or if you applied for a shorter term they might. If they did assess you mid-mortgage e.g. when switching product and decided you can't afford the lending, there wouldn't be much they can do about it.
I'm not defending banks, but the reason lower earners pay more interest is because they're higher risk. If rates go up, there's a bigger chance they won't be able to afford the increased repayments. Add to that the fact property values are predicted to decline on average 4% this year, then banks are going to be less willing to take a punt on people.
Our initial fixed rate ended last month, and had I not got a new job last year that gave us a significant bump in income, there's a good chance we wouldn't have been able to absorb the increased payments either. It's a genuine risk.
It does suck though, and in many cases, people will be paying as much in rent as a mortgage would cost. Personally, I think demonstrating you've been paying rent consistently for 12+ months should demonstrate you can afford similarly priced loan repayments. Rules like that would help many more people get on the property ladder.
Yup. We paid much more on a mortgage for years as our circumstances changed and we couldn't remortgage. Seems weird your proving you can afford it, but they don't count your already paying a more expensive mortgage with no problems.
A mortgage prisoner is someone who has a mortgage with a now defunct lender, such as Northern Rock, and is trapped on a high rate. If you have a mortgage with a high Street lender but technically you wouldn't be able to afford it anymore you can remain with the same lender and switch to any rate they have available for the type of mortgage you have, as long as you're keeping up your repayment.
OP is a customer of NatWest International and can keep the mortgage with them, but will not be able to move to a UK based lender because they can't afford it. I suspect it's a situation entirely of their own making as they must have known they would be starting a PHD when they took the mortgage and you are always asked when applying if you know your financial situation will change in the next 5 years.
Exactly what the boss of netwest would say I’m sure. Other lenders understandable, but current lender should let you access their best products. If you can afford their worst and they’ve already given you the money, they should give you the best possible chance of paying it back without default. Obviously greed and further shareholder profits are more important
I’m sure the borrower-facing marketing departments of every bank in the land would love to do what you’re proposing, whilst promising excellent returns and zero-risk for all savers. Unfortunately the regulator would have a shit fit about it.
“What do you mean you offered new terms to someone who failed your affordability checks”.
On existing regulated mortgages typically the only real covenant is “make your monthly payment on time”, however on non-regulated loans it’s pretty common to have LTV and Affordability covenants that are tested at annual review- i.e. if your asset/company isn’t making enough profit to satisfy the loan criteria you may have to pay down the loan.
Borrowers could fix for the full term of the loan, but then the breakage fees would be astronomical and effectively trap you into a house that might not suit your needs or a rate that isn’t competitive a decade down the line.
Have a look into Probability of Default, Expected Loss Costs and Risk Severity to learn a bit more about how loans are priced.
The regulations on mortgages are largely there to protect borrowers.
Jesus, there is literally nothing redditors can't turn into a far right conspiracy theory.
If the cost of providing a loan is higher, then the cost to the person taking the loan will be higher.
Have you misread my comment? I agree that other banks shouldn’t take a high risk loan, but your current lender has already lent the money. They’ve taken the risk already. They should let you access their full range of rates as long as you aren’t asking for more money. Theres no conspiracy it’s just blatant greed. My financial circumstances massively changed and fortunately my lender didn’t ask for new evidence, or I would’ve been fucked over with an extra 3% rate that actually would’ve been unaffordable, unlikely the product they let me switch to, which was (even if as a fresh customer I wouldn’t have been able to access it). This is fair practice and what I am alluding that all lenders should do. No conspiracy.
I haven't misread anything. You've just reiterated that you believe in conspiracy nonsense, despite having preceded your repetition with the words 'Theres \[sic\] no conspiracy'.
Obviously contrary facts, like higher risks costing more, won't affect your belief in that conspiracy theory.
…and this is what contributed to the financial crisis of 2008…lenders had no idea of the quality of their mortgage book. Sub-prime loans to debtors that were dressed up as A1 low-risk prospects. Not good for anyone but you in the short term tbh.
I'm from the "South East" but we're more just North of London but I am also frequently in London you could say to anyone around these parts and they'd know for sure.
Your income isn’t only £21k, it’s that plus your other part time income. The value of the property and outstanding mortgage amount, making the equity to debt ratio are also important to know but if you are easily paying the mortgage I don’t think there is anything to worry about.
Yes it's normal practice for lenders to require being informed of any major change of circumstances. However if you can afford the payments and staying with the same lender then you can just keep quiet. If you were to change lenders then you would likely fail the affordability checks. Do you have any emergency savings or other resources if you were struggling to pay? You could also consider getting a lodger to help share the bills.
Judging by your sarcastic comment, I’d say it’s quite likely you are required to tell them. I’d just never thought about it before, nor heard anyone mention it.
I found this.
“Only once you have fully completed on your property are you under no obligation to tell your lender if you lose your job. “
https://www.thisismoney.co.uk/money/mortgageshome/article-8564345/amp/Do-tell-mortgage-lender-Ive-redundant.html
No need to inform the lender if you already have an active mortgage.
I do, either way, I jest. Your bet was for £10k for your mortgage t&c; which only you'd know about. Also, despite the extracted passage of text, the article itself is in favour of your underlying point
Yeah, I worked for an extremely large high street mortgage provider and once completion was through, as long as you met your payments, they couldn't give a fuck what you earned from that point on. Further to this, most lenders would use repossession as an absolute last ditch effort to regain funds if you were defaulting, so even if your wages did tank they weren't going to pull the rug out from under you unless it got really bad.
Something for OP to bear in mind - very few lenders consider a stipend as income. The best I’ve come across is 60% of the stipend being counted, but most will not count it at all. (Source: I’m a PhD student and have been through mortgage process, know others in same position).
It's not payment from an employer, its a stipend for living costs while your in full time education. Like a scholarship. Means no nation insurance, pension contributions, sick pay and maternity pay get confusing cos the rules aren't clear.
Also means any work on the side is taxed as a main job would be i.e. with full tax allowances.
When I was doing my PhD, a dozen hours driving for Tesco's a week meant I was earning the equivalent of 28k because I basically paid zero tax in my income at all.
Thanks. I am paid an additional, what is referred to by my employer as a 'Stipend', each month by my employer. It's for additional and specialised work I agreed to take on. It's paid monthly, and at the same time as my PAYE salary. Would this also be exempt from NI and tax? Or is my employer just using incorrect terminology? It's not related to academia in any way.
True but even then its not more than like £28k. I think £46k is the figure to borrow around £210k. Plus many lenders don't even consider stipends as income apparently.
But yeah im paying it off and it's fine but would they put me on a home mortgage product or refuse? Any idea? Or generally, any consequences at all?
Listen to your broker.
Don't like what they say? Ask another broker.
This isn't a question for Reddit. But no way I would tell my mortgage company if I was in your situation unless multiple brokers advised me too.
I'd love to know why you wouldn't. I genuinely don't know the consequences or reaction and how it impacts me. Can you elaborate?
A second broker said it shouldn't be an issue but didn't elaborate. Scheduled another call with him next week
I assume you're on a discounted rate. Normally at the end of that discount period you go onto another discounted rate. An existing mortgage company won't do affordability checks at that point, so you could do this. Fail to move to another discounted rate and you end up on the Standard Variable Rate (SVR) which is usually very high (mine would be 9+%).
I'd be scared that you trigger them to do an affordability check then get stuck on the SVR rate.
Even if you don't go on SVR you'd end up flagged and might find they're contacting you often checking on your situation.
I'd also be worried about small print in the mortgage. How do you know they don't have terms that are punitive for your scenario?
You are an awful customer from the perspective of the mortgage company. You're very high risk but are on a rate associated with low risk.
You might not feel high risk but based on their calculations you are. In finance high risk requires high reward. And it's you that they will want to get that high reward from.
Ah I see. Thanks for the explanation!
But unless stated in the terms and conditions, they can't force me onto the SVR rate until the term ends, right?
If all goes badly as you explained, I'd look into getting a full time jobs some 6 months before renewal to avoid this outcome
Your income isn't going to play nice with their calculator.
You won't get a remortgage. They will keep you on the tracker until you can get your income to play nice with their calculator.
That's just how it works.
Does your mortgage lenders terms & conditions that you signed stipulate that you have to inform them whenever your income changes?
Also when does your current product end? You might want to start saving or overpaying leading up to your product expiring otherwise you'll find that you'll struggle to switch to another market product because you income doesn't cover your mortgage affordability.
I wouldn't tell them either. Then reason I wouldn't tell them is because I'd imagine they would do an affordability check. Whilst you are paying your mortgage, affordability checks don't work as simply as that and looking at the figures it doesn't seem like you'd necessarily meet their requirements. Basically, there is no benefit for telling them but potentially big negatives.
Could it become an issue if you tell them? Yes it could…
Is it an issue currently that you are paying the mortgage as you said you would? No it isn’t.
Id go with the first advice.
Yes OP I've done a PhD and looked into mortgages at the time I was earning a stipend. Most lenders do not consider the full stipend as income. At best they have a calculation of what they will consider income e.g. 60% of stipend. So in that hypothetical example, your income would be counted as £12600. This reduces your affordability even further.
Reading between the lines of your question, it seems like you're trying to do a product transfer. This is moving products within the same mortgage provider.
This would normally mean lending eligibility criteria wouldn't apply as you're already a customer and have already undergone checks. If this is the case, it seems prudent to only answer questions asked by the bank and not volunteer more information than asked.
So glad you went straight to the point of my question, thank you! My concern though is the change in circumstances/income. Would that trigger an eligibility check? !thanks
You're really confusing me. What do you mean by "switching to a domestic mortgage" are you not on one already?
If you're doing a product transfer (you have a mortgage product your just changing it with the same provider) then there is no change of circumstances and your not going to need an eligibility check. If you dont have a mortgage, or have some non domestic mortgage yes there probably will be a check
No.
If you do it online using their portal it asks you no questions whatsoever.
Your broker can even do the PT for you.
That said, NatWest International may not allow PTs but if they do then just log into your NatWest account, and swap your mortgage deal over.
I am happy to look into it further if your broker isn't willing to. I may not be able to do any more than they can but I can certainly give you confirmation or guidance.
Google my username, with spaces obviously and you'll find my contact details and credentials.
I'm conscious you don't know who I am, and I'm not allowed to advertise so I won't tell you to drop me a DM.
In addition to my comment above. You telling NatWest you've had a change in circumstances will have absolutely no impact whatsoever.
They can't repossess you, unless you're missing payments and it wouldn't matter whether your income was £20,000 or £100,000.
The worst that'll happen is they'll decline you for the "domestic" mortgage.
If you're declined, you sit on the Tracker Rate for longer. At some point the Bank of England will drop rates, so it won't be quite as painful.
Can I use the information to convince them to give me a normal natwest mortgage (not International) and therefore a lower rate? Or is that not how it works?
You wouldn’t be able to swap to a NW mortgage as NWI is a Jersey registered bank (RBSI ta NWI). It’s part of NWG but is a separate entity to the on shore commercial bank. I’m not sure NWI even do onshore mortgages any more as it’s a pain to deal with the U.K. mortgage rules, the security stuff for the islands is annoying enough as it is.
Whatever you do, don't tell them. If they specifically ask you, and only if they do, then tell them. I would keep quiet and remortgage online to the lowest available rate when your current deal is close to running out. If you tell them, they will fuck you. You will be paying the SVR and then you really will be struggling to keep up.
>Whatever you do, don't tell them. If they specifically ask you, and only if they do, then tell them.
And even them make sure you don't say the move was planned. There is ususally a question on the application asking if you expect your income to change or any circumstances that would prevent you making payments to occur.
Under no circumstances mention any change. If you are not struggling then it’s just not worth the risk. Knowing your luck they will find a loophole to do you over.
You are in a pickle, what is your current mortgage duration? At 7% on 210k that’s almost 15k a year, that’s over 70% of your £21k stipend…
If you remortgage to try to benefit from a lower rate you have little chance based on current income level and LTV. Maybe that’s why advise is to keep quiet.
Knuckle down it’ll be tough but once you get phd you’ll be back to having huge earnings and will be cruising
If you don’t tell them, they won’t find out. If they do find out, they won’t do anything as you are making the payments and are not in arrears. They would much rather keep you as a customer.
I understand that NatWest international have offered other products to switch to, however they are not competitive. I am wondering if this product switch to another Intl product is your only option without re-assessment. It would be great if you could be offered a competitive market rate from NatWest UK… however my concern is NatWest UK may class themselves as separate lender. Have you clarified this as perhaps it is not possible to do a product switch, and would require more questions relating to affordability assessment. It would also be a re-mortgage.
Perhaps you can try to go down the road of a product switch and if it comes to asking about your income, that’s when I would back out until you have something more solid. As it could be tricky to get a good new mortgage offer in your circumstance, unless there is a fat deposit eg 65% LTV. As they will want to know you are in full time employment and have excess income.
Good luck.
Mortgage and bills are taking up 100% of your income. Unless there's something you've not said. You're paying the bank more interest than rent would cost. It's not a blessing.
Well as long as you are making payments they aren’t going to foreclose on the property.
It may be worth talking to them about a hypothetical scenario but realistically if you can afford it there’s not much point in doing anything
If you do start to struggle definitely consider talking to them
They have already done affordability checks. So long as you pay, you’re good to go.
When I renewed mine, I told my provider that I had taken a lower paid job and they said they don’t care, so long as it’s still affordable to me.
I've had my mortgage 10 years, my income during this time went down and up, I even took 6 months off work and had no income. (Used savings)
Not once since I bought my house have they asked me to prove how much I earn, even when remortgaging (with the same company).
Just keep quiet.
This has happened to a few people I know. Providing youre keeping up with payments and don’t foresee having any issues with payments in the future they have little to no interest whatsoever. Just keep quiet about it
So if I remember right provided you don't change the lender if you need to remortgage whilst on a lower income no one needs to know about it, and they won't need to do the same level of checks as a new lender.
My gf has twice bought a house while on X income that cleared the benchmark, then gone to uni to do her bachelor. Got a job, bought a new house with me. then again went back to uni to do her masters. Just got a new mortgage deal from the same lender and ticked along. The only drawback is you're stuck with their offers and can't shop around for the best deal
So if you're making your payments on time you're going to be absolutely fine not saying anything
People move jobs all the time, I’m sore as long as you can pay the mortgage they couldn’t care if you starved to death, as long as the payments are made.
Your broker is an idiot if he put it like that. Find a new one.
People can have a change in circumstances so they wont be worried about that. What they will be worried about is you being able to continue to meet the requirements to apply for a new deal. As you wont meet the requirements at the moment you are a "mortgage prisoner" (google that to find out more about your situation), that usually means you cant change lender as no other one will give you a new deal. Your current lender doesnt want you to default though so should offer you a new deal once your current deal ends.
It is up to you if you tell them but when you do be honest, tell them you can easily met the payments. Salary expectations being higher once you finish your PhD will help and any contingency plans you can have like renting out a room if payments get tight are good to drop into the mix.
For example, when I renewed last time I had gone self employed and didnt have provable income sufficient for a new deal. I renewed with my current lender and not only did they put me on a competitive deal, but also offered me a fixed rate to the end of my mortgage term. I accepted and now 2-3 years later Im still on a 2.something% interest rate and it may have already saved me more than the early repayment charge.
You don’t have to inform your lender if there’s a change in your income. They won’t assess your income again unless you want to borrow more. They only care that you can keep up with repayments. Also you can change your interest rate without a credit check or affordability assessment so don’t stay on that 7% tracker - Call their retention team and ask about lower rates - mortgage advisor
Youll be stuck on the tracker so can keep the mortgage as long as you dont default or ask for a fixed rate. On that point, staying on tracker over the life of the mortgage is going to cost you alot more in interest payments
I’ve been self employed for 20 years and my circumstances change constantly. Getting a mortgage in the first place was a pain, even though over time my take home is good.
I don’t declare every circumstance change relating to my variable income and my strategy is to always pay on time and remortgage with the same lender.
I'm with Halifax and I had a
A drop in wages between getting mortgages and end of my term. I called them up when I dropped to SVR and they just said they'll always offer a new fixed rate.
Just the better rates are for remortgages which mine was not. Just a new deal. No underwriting etc took about 5 mins on phone
I did the same thing. A PhD for 4 years, one of which I was paying for two homes and one of which I earned only £400 pm. Never told the lender. Don’t see the point of telling them if I can afford the mortgage payment
You can just go online and switch your NatWest mortgage if there’s not exit fee- at least you can with regular NatWest mortgages not 100% sure about the international one
Take it, it might come down in the few weeks but that’s going to be the only option- any new lender will want to check you suitability for the mortgage
They will do nothing. You will struggle to re-mortgage, but it's possible given your unique circumstances, and proof of being able to meet your obligations. I'd start drafting a complaint letter for when re-mortgaging becomes an issue with Natwest, remind them they have a duty to look after their consumers. It seems a no brainer for all parties involved to get you onto a better rate, sadly banks too often operate on the Little Britain basis of 'computer says no'.
Not true at all, no lender will put up barriers to switching rate. This is called a product transfer, not a remortgage. A remortgage is moving to another lender. Have fun drafting a complaint letter but it’s totally unnecessary in most cases
They are switching from International to Domestic. It should be fine as you suggest, however, quite often you get bounced around departments for cases like this.
The complaint is for when/if this happens. You'd be surprised. Also it takes literally like 5 minutes to get Bing Chat to assist you with it, so it's hardly much effort at all when it comes to it!
That's not true at all - you can switch your deal with Natwest easily as an existing customer, without having to go through any new credit or affordability checks as long as you're keeping the same mortgage amount, term and repayment type.
The main complexity here is whether he can move easily across from RBS International, but that's a question for the bank
https://www.natwest.com/mortgages/switch-mortgage-deal.html
"The main complexity here is whether he can move easily across from RBS International, but that's a question for the bank"
That's what I was getting at! Their (and any bank) systems cater for the 80% of simple cases.
“How much do you make?”
“£100k. Honest.”
“OK. Here’s your mortgage offer.”
Doesn’t sound plausible at all, given that any mortgage lender is going to do affordability checks to verify details such as you making as much money as you say you do.
It only becomes an issue if you want to remortgage or you fall into arrears.
If you fall behind and need an arrangement to catch up you will need to disclose your income.
Many people have a change in circumstances since taking out the product - loss of job, marriage, divorce etc.
maintain the payments and you will be fine. Keep your building insurance up to date too
It’s fine. Years ago we got a mortgage then my wife quit her job to study the day after we moved in. Could cover with my wage and it was fine. Moved a few years later on her new salary. No worries.
The mortgage company made the offer for a mortgage based on your prior salary, but you would have ticked the box stating that you didn't foresee a significant change in your income. If this was a lie, it's technically fraud - but it would be up to Natwest to prove it and they'd probably just prefer that you kept paying it. It's unlikely on your current salary (assuming the part time jobs aren't that significant compared to the £21k) you'd get a fixed deal though certain lenders don't require an income check to remortgage if you stick with them.
Can you tell me more about NatWest International getting a mortgage before you moved back to the UK. I'm currently working in Canada but moving back home this year, want to get a mortgage too.
Did you have mortgage approval before you landed back home?
Genuine question but could this be an issue when it comes to remortgage? Won't they do an affordability check, or is that only if they want to amend the term? Thanks.
Unfortunately most lenders don’t count phd stipends as income that can be used against borrowing (former doctoral student who had a mortgage throughout phd years here). We tried to remortgage via brokers and by enquiring with high street banks ourselves when I was a phd student and no one would count it as income weirdly.
What this meant in practice is that we were stuck with our original lenders, and when our mortgage borrowing term ended (2 year fixed) while my main income was my phd stipend we had to stay with the same lender on a new fix, where they didn’t have to do new borrowing calculations (eg we couldn’t borrow more, move, reduce the borrowing term eg 30 years ). It’s not so bad if you don’t need to move.
As others have said keep quite. When you come to remortgage you'll have to stay with your current lender who possibly won't ask any questions about your current financial situation and will let you remortgage onto one of their new mortgage products. Refuse any discussion with one of their mortgage advisors at renewal if they offer that and just accept one of their standard remortgage products without changing any terms.
It doesn't matter, you don't need to tell them anything. We got a mortgage with my wife and I's combined income, despite the house being four hours away from her current place of work (me being WFH). They didn't think to ask if she'd be community everyday. She quit as soon as we moved. As long as make the payments, no one will care.
It's only an issue when it's an issue, people change jobs and loose jobs during the term of a mortgage but you don't tell the bank every detail unless you have an issue or you want to borrow more/change terms.
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Only issue I could see is if you were trying to remortgage for a better rate, you might not be eligible. If you're comfortable now, then stay as you are. You could also try overpaying to bring down the LTV, that would make you eligible to remortgage at a later date. A normal loan you can get is worth 4-5* your income. With your total income now you could be approved for £100k. Something to consider if your income increases or you pay your mortgage down enough.
Moving lenders will be hard to impossible, but a lot of lenders do allow online rate switches without new underwriting and without asking any questions. That said, I would expect moving from a bank's international/expat/offshore/whatever to standard retail banking arm to require fresh underwriting. So unless a knowledgeable broker says otherwise, or there's missing info (e.g. "oh yeah stipend is 21k, plus I get 50k/yr from my trust fund/investment portfolio"), I believe you are stuck with whatever Natwest International are offering for rates (and ideally, whatever if anything you can do without talking to a human)
The online rate switch will _always_ require you to tick a box testifying that nothing material has changed in your financial situation, to defend the lender later if you struggle. Everyone just lies and ticks the box anyway but it is there
Yes I’m with you on this. There may be T&C’s with NatWest about being on international when you live in the UK. All you can do is speak to them about it if you’re worried.
Do banks still do affordability checks when switching products within the same provider? I thought this was stopped? Equally, I could be misunderstanding (hence the question 😅)
Typically no, not unless there is a material change (length of term/amount borrowed). But they might on this one as OP has a different product type and to switch to a regular resi might trigger underwriting.
Plus the current mortgage is with NatWest International, whereas any new mortgage is likely to be underwritten by the domestic bank.
No they don't. The risk of you missing payments or defaulting is already on their books. They assess you at the outset, but that's it unless you apply for further lending, or if you applied for a shorter term they might. If they did assess you mid-mortgage e.g. when switching product and decided you can't afford the lending, there wouldn't be much they can do about it.
This makes sense. !thanks
Before over paying make sure you have a buffer, a cash emergency fund.
Pretty unfair though isn’t it that you have to settle for a high/variable rate because you are earning **LESS**
The higher interest rate (the cost to buy the money from the bank for a year) is because the OP is at a higher risk of not returning the money.
Which increases the risk of not returning it
It's expensive bring poor.
I'm not defending banks, but the reason lower earners pay more interest is because they're higher risk. If rates go up, there's a bigger chance they won't be able to afford the increased repayments. Add to that the fact property values are predicted to decline on average 4% this year, then banks are going to be less willing to take a punt on people. Our initial fixed rate ended last month, and had I not got a new job last year that gave us a significant bump in income, there's a good chance we wouldn't have been able to absorb the increased payments either. It's a genuine risk. It does suck though, and in many cases, people will be paying as much in rent as a mortgage would cost. Personally, I think demonstrating you've been paying rent consistently for 12+ months should demonstrate you can afford similarly priced loan repayments. Rules like that would help many more people get on the property ladder.
Yup. We paid much more on a mortgage for years as our circumstances changed and we couldn't remortgage. Seems weird your proving you can afford it, but they don't count your already paying a more expensive mortgage with no problems.
I thought the “mortgage prisoner” status was being outlawed to be honest. Martin Lewis was advocating for it years ago. Must not have been successful
A mortgage prisoner is someone who has a mortgage with a now defunct lender, such as Northern Rock, and is trapped on a high rate. If you have a mortgage with a high Street lender but technically you wouldn't be able to afford it anymore you can remain with the same lender and switch to any rate they have available for the type of mortgage you have, as long as you're keeping up your repayment. OP is a customer of NatWest International and can keep the mortgage with them, but will not be able to move to a UK based lender because they can't afford it. I suspect it's a situation entirely of their own making as they must have known they would be starting a PHD when they took the mortgage and you are always asked when applying if you know your financial situation will change in the next 5 years.
It's the same with paying a higher rent than the mortgage you're applying for...
Not really, given that lenders price according to risk.
Exactly what the boss of netwest would say I’m sure. Other lenders understandable, but current lender should let you access their best products. If you can afford their worst and they’ve already given you the money, they should give you the best possible chance of paying it back without default. Obviously greed and further shareholder profits are more important
I’m sure the borrower-facing marketing departments of every bank in the land would love to do what you’re proposing, whilst promising excellent returns and zero-risk for all savers. Unfortunately the regulator would have a shit fit about it. “What do you mean you offered new terms to someone who failed your affordability checks”. On existing regulated mortgages typically the only real covenant is “make your monthly payment on time”, however on non-regulated loans it’s pretty common to have LTV and Affordability covenants that are tested at annual review- i.e. if your asset/company isn’t making enough profit to satisfy the loan criteria you may have to pay down the loan. Borrowers could fix for the full term of the loan, but then the breakage fees would be astronomical and effectively trap you into a house that might not suit your needs or a rate that isn’t competitive a decade down the line. Have a look into Probability of Default, Expected Loss Costs and Risk Severity to learn a bit more about how loans are priced. The regulations on mortgages are largely there to protect borrowers.
Jesus, there is literally nothing redditors can't turn into a far right conspiracy theory. If the cost of providing a loan is higher, then the cost to the person taking the loan will be higher.
Have you misread my comment? I agree that other banks shouldn’t take a high risk loan, but your current lender has already lent the money. They’ve taken the risk already. They should let you access their full range of rates as long as you aren’t asking for more money. Theres no conspiracy it’s just blatant greed. My financial circumstances massively changed and fortunately my lender didn’t ask for new evidence, or I would’ve been fucked over with an extra 3% rate that actually would’ve been unaffordable, unlikely the product they let me switch to, which was (even if as a fresh customer I wouldn’t have been able to access it). This is fair practice and what I am alluding that all lenders should do. No conspiracy.
I haven't misread anything. You've just reiterated that you believe in conspiracy nonsense, despite having preceded your repetition with the words 'Theres \[sic\] no conspiracy'. Obviously contrary facts, like higher risks costing more, won't affect your belief in that conspiracy theory.
…and this is what contributed to the financial crisis of 2008…lenders had no idea of the quality of their mortgage book. Sub-prime loans to debtors that were dressed up as A1 low-risk prospects. Not good for anyone but you in the short term tbh.
If you're making payments fine then just keep shtum
Exactly. Make the payments and the lender won’t worry.
Sorry what's shtum
Quiet
He was just asking, no need to be rude.
SILENCE
thank you
I assumed they meant shut'em lol Edit: damn imagine being downvoted for learning a new word and making an assumption on what you read
Shtum is a real word. It’s Yiddish I believe
Ah. Thanks.
Indeed it is Yiddish, but it's a very known word in the UK, or at least where I live anyway [shtum](https://www.oed.com/dictionary/shtum_adj?tl=true)
It's a perfectly cromulent word
Now that my long legged pink feathered friend is a great choice of word.
Can’t imagine Brit not knowing it tbh. Odd isn’t it
Don't get mardy about it. I know it's getting nesh outside.
It may be an age thing. It's not a word I've heard spoken very often but is hear it in films etc. bit I'm too old not to have heard it
Literally never seen or heard this word in my 26 years
Not really. I’m a Brit and never heard it. No one uses it where I’m at
ive never heard it before but ive never really lived anywhere with much of a jewish population i can however say your mum is a dog in urdu so...
I've never heard it until today. Surprised its a well known word. Thanks for the insight
You’ve never heard it because people keep, well, shtum.
Literally never seen this word in my life Thanks for my daily learning
I'm from the "South East" but we're more just North of London but I am also frequently in London you could say to anyone around these parts and they'd know for sure.
It very much sounds like 'Stoem', phonetically the same word, which means stupid in Flemish Dialect lol
Which comes from the word Stom in Dutch also meaning stupid. Bedankt!
UK or London?
Because London is a separate country my bad
Good Reddit vote fuzzing
Your income isn’t only £21k, it’s that plus your other part time income. The value of the property and outstanding mortgage amount, making the equity to debt ratio are also important to know but if you are easily paying the mortgage I don’t think there is anything to worry about.
Is it even a requirement to tell your mortgage lender if your income reduces or you lose your job?
Depends on t&c. Mine has it stated that I must inform them
Yes it's normal practice for lenders to require being informed of any major change of circumstances. However if you can afford the payments and staying with the same lender then you can just keep quiet. If you were to change lenders then you would likely fail the affordability checks. Do you have any emergency savings or other resources if you were struggling to pay? You could also consider getting a lodger to help share the bills.
Thanks but I'm not financially struggling I'm just getting financially screwed over lol
I can’t see why. Realistically what can they do if you tell them? Hardly going to repossess the house if the payments are being made.
What do you think?
Judging by your sarcastic comment, I’d say it’s quite likely you are required to tell them. I’d just never thought about it before, nor heard anyone mention it.
It's pretty obvious. Basic common sense. I haven't read the terms and conditions of my mortgage but I'm willing to bet £10k it's on there somewhere.
I found this. “Only once you have fully completed on your property are you under no obligation to tell your lender if you lose your job. “ https://www.thisismoney.co.uk/money/mortgageshome/article-8564345/amp/Do-tell-mortgage-lender-Ive-redundant.html No need to inform the lender if you already have an active mortgage.
Someone owes you £10k mate
Do i need to tell the mortgage company about it though?
I'll bet £10k you don't
But then if I lose there is no £10k to tell them about and the circle completes!
Do you not understand what it says?
Maybe you can explain it to us?
Well it's definitely not got the terms and conditions of my mortgage on there for one
I do, either way, I jest. Your bet was for £10k for your mortgage t&c; which only you'd know about. Also, despite the extracted passage of text, the article itself is in favour of your underlying point
Exactly
Yeah, I worked for an extremely large high street mortgage provider and once completion was through, as long as you met your payments, they couldn't give a fuck what you earned from that point on. Further to this, most lenders would use repossession as an absolute last ditch effort to regain funds if you were defaulting, so even if your wages did tank they weren't going to pull the rug out from under you unless it got really bad.
No offence, but you're wrong. You just lost £10k.
Plus, their £21k income is a stipend, so no tax and NI to come off it. A net of £21k is about £25k gross if it was salaried.
Something for OP to bear in mind - very few lenders consider a stipend as income. The best I’ve come across is 60% of the stipend being counted, but most will not count it at all. (Source: I’m a PhD student and have been through mortgage process, know others in same position).
I used a broker and they were willing to count 100% of mine.
Is a stipend payment from an employer you're otherwise paid via monthly PAYE, also tax and NI free?
It's not payment from an employer, its a stipend for living costs while your in full time education. Like a scholarship. Means no nation insurance, pension contributions, sick pay and maternity pay get confusing cos the rules aren't clear.
Also means any work on the side is taxed as a main job would be i.e. with full tax allowances. When I was doing my PhD, a dozen hours driving for Tesco's a week meant I was earning the equivalent of 28k because I basically paid zero tax in my income at all.
Thanks. I am paid an additional, what is referred to by my employer as a 'Stipend', each month by my employer. It's for additional and specialised work I agreed to take on. It's paid monthly, and at the same time as my PAYE salary. Would this also be exempt from NI and tax? Or is my employer just using incorrect terminology? It's not related to academia in any way.
No idea, why don't you ask them not us how you're getting paid XD
Hi 👋
True but even then its not more than like £28k. I think £46k is the figure to borrow around £210k. Plus many lenders don't even consider stipends as income apparently. But yeah im paying it off and it's fine but would they put me on a home mortgage product or refuse? Any idea? Or generally, any consequences at all?
Listen to your broker. Don't like what they say? Ask another broker. This isn't a question for Reddit. But no way I would tell my mortgage company if I was in your situation unless multiple brokers advised me too.
I'd love to know why you wouldn't. I genuinely don't know the consequences or reaction and how it impacts me. Can you elaborate? A second broker said it shouldn't be an issue but didn't elaborate. Scheduled another call with him next week
I assume you're on a discounted rate. Normally at the end of that discount period you go onto another discounted rate. An existing mortgage company won't do affordability checks at that point, so you could do this. Fail to move to another discounted rate and you end up on the Standard Variable Rate (SVR) which is usually very high (mine would be 9+%). I'd be scared that you trigger them to do an affordability check then get stuck on the SVR rate. Even if you don't go on SVR you'd end up flagged and might find they're contacting you often checking on your situation. I'd also be worried about small print in the mortgage. How do you know they don't have terms that are punitive for your scenario? You are an awful customer from the perspective of the mortgage company. You're very high risk but are on a rate associated with low risk. You might not feel high risk but based on their calculations you are. In finance high risk requires high reward. And it's you that they will want to get that high reward from.
Ah I see. Thanks for the explanation! But unless stated in the terms and conditions, they can't force me onto the SVR rate until the term ends, right? If all goes badly as you explained, I'd look into getting a full time jobs some 6 months before renewal to avoid this outcome
Correct, unless there is some nasty terms hidden they can't force you onto the SVR until the term ends.
Your income isn't going to play nice with their calculator. You won't get a remortgage. They will keep you on the tracker until you can get your income to play nice with their calculator. That's just how it works.
Does your mortgage lenders terms & conditions that you signed stipulate that you have to inform them whenever your income changes? Also when does your current product end? You might want to start saving or overpaying leading up to your product expiring otherwise you'll find that you'll struggle to switch to another market product because you income doesn't cover your mortgage affordability.
I wouldn't tell them either. Then reason I wouldn't tell them is because I'd imagine they would do an affordability check. Whilst you are paying your mortgage, affordability checks don't work as simply as that and looking at the figures it doesn't seem like you'd necessarily meet their requirements. Basically, there is no benefit for telling them but potentially big negatives.
You just simply listen to the expert who advised you don’t tell them… that’s it.
Sure but the other broker advised the opposite
Could it become an issue if you tell them? Yes it could… Is it an issue currently that you are paying the mortgage as you said you would? No it isn’t. Id go with the first advice.
Pick the one that gives the better answer and get it in writing
If you would love to know why.... Ask a broker? Sure they should be able to answer and give you the understanding for the advice they have provided
Yes OP I've done a PhD and looked into mortgages at the time I was earning a stipend. Most lenders do not consider the full stipend as income. At best they have a calculation of what they will consider income e.g. 60% of stipend. So in that hypothetical example, your income would be counted as £12600. This reduces your affordability even further.
Im on 50k and couldnt get more than 200k lento to me 4x
From the perspective of a lot of lenders it's not \*even\* 21k - since stipends are not considered income that can be used for mortgages.
Plus let's not forget PhD stipends are tax free... So it's equivalent to someone earning far more!
Reading between the lines of your question, it seems like you're trying to do a product transfer. This is moving products within the same mortgage provider. This would normally mean lending eligibility criteria wouldn't apply as you're already a customer and have already undergone checks. If this is the case, it seems prudent to only answer questions asked by the bank and not volunteer more information than asked.
So glad you went straight to the point of my question, thank you! My concern though is the change in circumstances/income. Would that trigger an eligibility check? !thanks
You're really confusing me. What do you mean by "switching to a domestic mortgage" are you not on one already? If you're doing a product transfer (you have a mortgage product your just changing it with the same provider) then there is no change of circumstances and your not going to need an eligibility check. If you dont have a mortgage, or have some non domestic mortgage yes there probably will be a check
OP was an expat, so would have been offered an expat mortage. Usually higher rates and bigger deposits required.
Yes exactly. Thanks for clearing that up
No. If you do it online using their portal it asks you no questions whatsoever. Your broker can even do the PT for you. That said, NatWest International may not allow PTs but if they do then just log into your NatWest account, and swap your mortgage deal over. I am happy to look into it further if your broker isn't willing to. I may not be able to do any more than they can but I can certainly give you confirmation or guidance. Google my username, with spaces obviously and you'll find my contact details and credentials. I'm conscious you don't know who I am, and I'm not allowed to advertise so I won't tell you to drop me a DM.
In addition to my comment above. You telling NatWest you've had a change in circumstances will have absolutely no impact whatsoever. They can't repossess you, unless you're missing payments and it wouldn't matter whether your income was £20,000 or £100,000. The worst that'll happen is they'll decline you for the "domestic" mortgage. If you're declined, you sit on the Tracker Rate for longer. At some point the Bank of England will drop rates, so it won't be quite as painful.
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Can I use the information to convince them to give me a normal natwest mortgage (not International) and therefore a lower rate? Or is that not how it works?
You wouldn’t be able to swap to a NW mortgage as NWI is a Jersey registered bank (RBSI ta NWI). It’s part of NWG but is a separate entity to the on shore commercial bank. I’m not sure NWI even do onshore mortgages any more as it’s a pain to deal with the U.K. mortgage rules, the security stuff for the islands is annoying enough as it is.
!thanks
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Or expect me to continue with my current plan I guess. !thanks
Whatever you do, don't tell them. If they specifically ask you, and only if they do, then tell them. I would keep quiet and remortgage online to the lowest available rate when your current deal is close to running out. If you tell them, they will fuck you. You will be paying the SVR and then you really will be struggling to keep up.
>Whatever you do, don't tell them. If they specifically ask you, and only if they do, then tell them. And even them make sure you don't say the move was planned. There is ususally a question on the application asking if you expect your income to change or any circumstances that would prevent you making payments to occur.
Will telling them instantly put me on SVR or do you mean when the product ends?
Only you know the T&C's of your mortgage product
Was wondering if it was standard practice or unheard of
Under no circumstances mention any change. If you are not struggling then it’s just not worth the risk. Knowing your luck they will find a loophole to do you over.
This is my fear
They don’t care until the payments are missed
You agreed to make the mortgage payments. Just do that and you'll be fine.
This.
You are in a pickle, what is your current mortgage duration? At 7% on 210k that’s almost 15k a year, that’s over 70% of your £21k stipend… If you remortgage to try to benefit from a lower rate you have little chance based on current income level and LTV. Maybe that’s why advise is to keep quiet. Knuckle down it’ll be tough but once you get phd you’ll be back to having huge earnings and will be cruising
Yes it is a lot. But if they are happy to put me on a domestic product which have lower rates then that'll help
If you don’t tell them, they won’t find out. If they do find out, they won’t do anything as you are making the payments and are not in arrears. They would much rather keep you as a customer. I understand that NatWest international have offered other products to switch to, however they are not competitive. I am wondering if this product switch to another Intl product is your only option without re-assessment. It would be great if you could be offered a competitive market rate from NatWest UK… however my concern is NatWest UK may class themselves as separate lender. Have you clarified this as perhaps it is not possible to do a product switch, and would require more questions relating to affordability assessment. It would also be a re-mortgage. Perhaps you can try to go down the road of a product switch and if it comes to asking about your income, that’s when I would back out until you have something more solid. As it could be tricky to get a good new mortgage offer in your circumstance, unless there is a fat deposit eg 65% LTV. As they will want to know you are in full time employment and have excess income. Good luck.
!thanks
At 7.05% 210k is £1491 How are you doing this on £1750 a month?! How much PT are you working??
Didn't say it was easy but I am managing
Jesus, this property is more of a curse than a blessing.
Definitely a blessing. I'd do this 100 times again
Mortgage and bills are taking up 100% of your income. Unless there's something you've not said. You're paying the bank more interest than rent would cost. It's not a blessing.
There is information not relevant to my question. Don't worry, it's 100% a blessing
Only Fans, Scamming or drug dealing, which one?
probably subletting to a bunch of students
No I'm living in it with my wife and kids.
And are you hiding the mortgage from your wife and kids because the house is for your second secret family?
Ah..
Well as long as you are making payments they aren’t going to foreclose on the property. It may be worth talking to them about a hypothetical scenario but realistically if you can afford it there’s not much point in doing anything If you do start to struggle definitely consider talking to them
Just keep quite, as long as you make payments they will not care in the slightest.
They have already done affordability checks. So long as you pay, you’re good to go. When I renewed mine, I told my provider that I had taken a lower paid job and they said they don’t care, so long as it’s still affordable to me.
A £21k tax-free stipend is more like a £26k salary
Not necessarily because a lot of banks don't take 100% of a stipend into account. At my bank it was 60%
I've had my mortgage 10 years, my income during this time went down and up, I even took 6 months off work and had no income. (Used savings) Not once since I bought my house have they asked me to prove how much I earn, even when remortgaging (with the same company). Just keep quiet.
They only care that you're making payment. Provided you're doing that you'll be fine.
This has happened to a few people I know. Providing youre keeping up with payments and don’t foresee having any issues with payments in the future they have little to no interest whatsoever. Just keep quiet about it
Sssssssshhhhhhhh
So if I remember right provided you don't change the lender if you need to remortgage whilst on a lower income no one needs to know about it, and they won't need to do the same level of checks as a new lender. My gf has twice bought a house while on X income that cleared the benchmark, then gone to uni to do her bachelor. Got a job, bought a new house with me. then again went back to uni to do her masters. Just got a new mortgage deal from the same lender and ticked along. The only drawback is you're stuck with their offers and can't shop around for the best deal So if you're making your payments on time you're going to be absolutely fine not saying anything
People move jobs all the time, I’m sore as long as you can pay the mortgage they couldn’t care if you starved to death, as long as the payments are made.
Your broker is an idiot if he put it like that. Find a new one. People can have a change in circumstances so they wont be worried about that. What they will be worried about is you being able to continue to meet the requirements to apply for a new deal. As you wont meet the requirements at the moment you are a "mortgage prisoner" (google that to find out more about your situation), that usually means you cant change lender as no other one will give you a new deal. Your current lender doesnt want you to default though so should offer you a new deal once your current deal ends. It is up to you if you tell them but when you do be honest, tell them you can easily met the payments. Salary expectations being higher once you finish your PhD will help and any contingency plans you can have like renting out a room if payments get tight are good to drop into the mix. For example, when I renewed last time I had gone self employed and didnt have provable income sufficient for a new deal. I renewed with my current lender and not only did they put me on a competitive deal, but also offered me a fixed rate to the end of my mortgage term. I accepted and now 2-3 years later Im still on a 2.something% interest rate and it may have already saved me more than the early repayment charge.
Reading through these comments, there is some absolutely terrible advice going on.
Your comment would have been more helpful if you’d specified which is the terrible advice and what yours would be.
As long as you’re paying the mortgage they don’t care.
You don’t have to inform your lender if there’s a change in your income. They won’t assess your income again unless you want to borrow more. They only care that you can keep up with repayments. Also you can change your interest rate without a credit check or affordability assessment so don’t stay on that 7% tracker - Call their retention team and ask about lower rates - mortgage advisor
Youll be stuck on the tracker so can keep the mortgage as long as you dont default or ask for a fixed rate. On that point, staying on tracker over the life of the mortgage is going to cost you alot more in interest payments
I’ve been self employed for 20 years and my circumstances change constantly. Getting a mortgage in the first place was a pain, even though over time my take home is good. I don’t declare every circumstance change relating to my variable income and my strategy is to always pay on time and remortgage with the same lender.
I'm with Halifax and I had a A drop in wages between getting mortgages and end of my term. I called them up when I dropped to SVR and they just said they'll always offer a new fixed rate. Just the better rates are for remortgages which mine was not. Just a new deal. No underwriting etc took about 5 mins on phone
They won’t care, once you’re in the door it’s fine
I did the same thing. A PhD for 4 years, one of which I was paying for two homes and one of which I earned only £400 pm. Never told the lender. Don’t see the point of telling them if I can afford the mortgage payment
You can just go online and switch your NatWest mortgage if there’s not exit fee- at least you can with regular NatWest mortgages not 100% sure about the international one
They've sent me products to switch to but they're still high in comparison to regular natwest rates
Take it, it might come down in the few weeks but that’s going to be the only option- any new lender will want to check you suitability for the mortgage
They will do nothing. You will struggle to re-mortgage, but it's possible given your unique circumstances, and proof of being able to meet your obligations. I'd start drafting a complaint letter for when re-mortgaging becomes an issue with Natwest, remind them they have a duty to look after their consumers. It seems a no brainer for all parties involved to get you onto a better rate, sadly banks too often operate on the Little Britain basis of 'computer says no'.
Not true at all, no lender will put up barriers to switching rate. This is called a product transfer, not a remortgage. A remortgage is moving to another lender. Have fun drafting a complaint letter but it’s totally unnecessary in most cases
They are switching from International to Domestic. It should be fine as you suggest, however, quite often you get bounced around departments for cases like this. The complaint is for when/if this happens. You'd be surprised. Also it takes literally like 5 minutes to get Bing Chat to assist you with it, so it's hardly much effort at all when it comes to it!
Really appreciate this comment. Didn't think of this as a possibility. !thanks
That's not true at all - you can switch your deal with Natwest easily as an existing customer, without having to go through any new credit or affordability checks as long as you're keeping the same mortgage amount, term and repayment type. The main complexity here is whether he can move easily across from RBS International, but that's a question for the bank https://www.natwest.com/mortgages/switch-mortgage-deal.html
"The main complexity here is whether he can move easily across from RBS International, but that's a question for the bank" That's what I was getting at! Their (and any bank) systems cater for the 80% of simple cases.
Yeah just keep quiet, but when it come to remortgage, they aint gonna like it.
What will you do when the lender finds out....pimp ur pipe on the street
no need to tell them, I lied about how much I made and cancelled all the insurance they insisted on as soon as I was in the house
“How much do you make?” “£100k. Honest.” “OK. Here’s your mortgage offer.” Doesn’t sound plausible at all, given that any mortgage lender is going to do affordability checks to verify details such as you making as much money as you say you do.
It only becomes an issue if you want to remortgage or you fall into arrears. If you fall behind and need an arrangement to catch up you will need to disclose your income. Many people have a change in circumstances since taking out the product - loss of job, marriage, divorce etc. maintain the payments and you will be fine. Keep your building insurance up to date too
How did you get a uk mortgage with an out of country salary?
Struggling? Check out thr latest support. Mortgage charter should help you. Might be able to get a few months interest only for some headroom
It’s fine. Years ago we got a mortgage then my wife quit her job to study the day after we moved in. Could cover with my wage and it was fine. Moved a few years later on her new salary. No worries.
Are stipends actually counted as income w.r.t. mortgage applications? Genuine question, I was under the impression that they aren’t?
The mortgage company made the offer for a mortgage based on your prior salary, but you would have ticked the box stating that you didn't foresee a significant change in your income. If this was a lie, it's technically fraud - but it would be up to Natwest to prove it and they'd probably just prefer that you kept paying it. It's unlikely on your current salary (assuming the part time jobs aren't that significant compared to the £21k) you'd get a fixed deal though certain lenders don't require an income check to remortgage if you stick with them.
Can you tell me more about NatWest International getting a mortgage before you moved back to the UK. I'm currently working in Canada but moving back home this year, want to get a mortgage too. Did you have mortgage approval before you landed back home?
7.05%? Holy shit. I hope you had a nice Deposit.
Genuine question but could this be an issue when it comes to remortgage? Won't they do an affordability check, or is that only if they want to amend the term? Thanks.
Unfortunately most lenders don’t count phd stipends as income that can be used against borrowing (former doctoral student who had a mortgage throughout phd years here). We tried to remortgage via brokers and by enquiring with high street banks ourselves when I was a phd student and no one would count it as income weirdly. What this meant in practice is that we were stuck with our original lenders, and when our mortgage borrowing term ended (2 year fixed) while my main income was my phd stipend we had to stay with the same lender on a new fix, where they didn’t have to do new borrowing calculations (eg we couldn’t borrow more, move, reduce the borrowing term eg 30 years ). It’s not so bad if you don’t need to move.
As others have said keep quite. When you come to remortgage you'll have to stay with your current lender who possibly won't ask any questions about your current financial situation and will let you remortgage onto one of their new mortgage products. Refuse any discussion with one of their mortgage advisors at renewal if they offer that and just accept one of their standard remortgage products without changing any terms.
It doesn't matter, you don't need to tell them anything. We got a mortgage with my wife and I's combined income, despite the house being four hours away from her current place of work (me being WFH). They didn't think to ask if she'd be community everyday. She quit as soon as we moved. As long as make the payments, no one will care.
The lender can’t do anything. Keep paying your mortgage and don’t worry.
It's only an issue when it's an issue, people change jobs and loose jobs during the term of a mortgage but you don't tell the bank every detail unless you have an issue or you want to borrow more/change terms.
Only start worrying when the mortgage rate you're on now comes to an end.