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    • ML23HF
    • By ML23HF 26th Jun 17, 9:20 PM
    • 3Posts
    • 0Thanks
    ML23HF
    Getting a Mortgage with an upcoming sabbatical
    • #1
    • 26th Jun 17, 9:20 PM
    Getting a Mortgage with an upcoming sabbatical 26th Jun 17 at 9:20 PM
    Hi all,

    Me and my partner have an unusual situation regarding a potential mortgage application and would appreciate some advice. We currently both work as professionals with a combined income of around £70k, however we've agreed with our employers that in December we're taking an 8 month sabbatical from work to have some time off, go travelling etc. During this time we'll both technically still be employees but our income will be zero. We both have it in writing from our employers that we're guaranteed re-employment after the 8 month period.

    The original intention was to buy a house for the first time on return from our sabbatical, but we've since found a property that is making us reconsider this position. The question is, could we get a mortgage on the property knowing that we'll technically not have any income for a fixed period of time in the near future.

    The house in question is on the market for ~100k, of which we could put down up to 20% deposit. The house is in need of complete refurbishment and we would like to undertake these works ourselves during the latter half of the 8 month sabbatical. During this time we could easily cover the monthly repayments (~£400/m) using savings.

    Is this likely to be a straight 'no' from lenders or will some take the more pragmatic view given that we:
    • Have a large combined salary compared to the value of the property
    • Have a 20% deposit
    • Are guaranteed reemployment after the fixed term sabbatical
    • The monthly repayments are low compared to our salary/savings

    Any thoughts or advice are appreciated.

    Regards,

    M
Page 1
    • Thrugelmir
    • By Thrugelmir 26th Jun 17, 9:24 PM
    • 55,859 Posts
    • 49,227 Thanks
    Thrugelmir
    • #2
    • 26th Jun 17, 9:24 PM
    • #2
    • 26th Jun 17, 9:24 PM
    Is the property in a mortgage-able condition?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • ML23HF
    • By ML23HF 26th Jun 17, 9:38 PM
    • 3 Posts
    • 0 Thanks
    ML23HF
    • #3
    • 26th Jun 17, 9:38 PM
    • #3
    • 26th Jun 17, 9:38 PM
    There is a functioning kitchen and bathroom, although the roof is in relatively poor condition and would likely need to be replaced.
    • ML23HF
    • By ML23HF 27th Jun 17, 7:34 PM
    • 3 Posts
    • 0 Thanks
    ML23HF
    • #4
    • 27th Jun 17, 7:34 PM
    • #4
    • 27th Jun 17, 7:34 PM
    Does anyone have any thoughts or advice on this? Anything appreciated.
    • Rishimehta
    • By Rishimehta 7th Sep 17, 5:48 AM
    • 1 Posts
    • 0 Thanks
    Rishimehta
    • #5
    • 7th Sep 17, 5:48 AM
    • #5
    • 7th Sep 17, 5:48 AM
    How did you get on with this?
    My wife and I find ourselves in the same situation now. Thanks
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