Mortgate Lending during Maternity

dudleypipe

Hi All

Hope someone can help. My wife is now pregnant with twins, and we're hoping to move house before they're born.

How will a mortgage company view her salary (for the lending calculations) if she's going to be on statutory maternity pay whilst on maternity leave? Will they take her salary, or the SMP as her earnings? As she intends to go back to work then I guess they should take the salary, but thought I'd best check!

Kind Regards
Mark

koexelek

In the past, I have known lenders to take the full salary, as long as the employer will confirm to them that they expect the person back full time at the end of the maternity period.

It varies from lender to lender though

flea72

dudleypipe wrote: »

Hi All

Hope someone can help. My wife is now pregnant with twins, and we're hoping to move house before they're born.

How will a mortgage company view her salary (for the lending calculations) if she's going to be on statutory maternity pay whilst on maternity leave? Will they take her salary, or the SMP as her earnings? As she intends to go back to work then I guess they should take the salary, but thought I'd best check!

Kind Regards
Mark

we had this problem a few years ago (so before the financial institutions tightened up their lending), and our bank (Nationwide) werent prepared to lend against my pay, whilst i was pg, even though i was adamant i was returning to work afterwards. So the next time we needed to remortgage, we made sure i did it before my bump was showing!

Flea

blueberrypie

dudleypipe wrote: »

Hi All

Hope someone can help. My wife is now pregnant with twins,

You'll get answers to your mortgage question from people who are better-informed than me, but I just wanted to say congratulations for your expected bundles of joy :-)

dudleypipe

blueberrypie wrote: »

You'll get answers to your mortgage question from people who are better-informed than me, but I just wanted to say congratulations for your expected bundles of joy :-)

Thanks!

Well, thanks to everyone. We're kind of trying to avoid contacting the mortgage company to ask them, in case they decide they won't lend. I actually got a decision in principle about 6 months ago (before the pregnancy) and they did it all over the phone, and there was no questions about pregnancy so we may be OK. If they don't ask no questions, we won't tell no lies ....

looster

Nationwide offered us a remortgage whilst I was on maternity leave. We had to provide confirmation from both me and my employer that I was going to go back to work and employer had to confirm that pay would be the same or higher upon my return. The offer was made in October last year and we were remortgaging from another lender. We had to declare it - as I was on SMP at the time it was apparent on the face of my most recent payslips.

Robert_Sterling_3

dudleypipe wrote: »

If they don't ask no questions, we won't tell no lies ....

An unusual use of a quadruple negative.
Logically it means. If they ask questions we will tell lies.
Hey but who cares about logic when babies are on the way.

.....................Congratulations.

surreysaver

koexelek wrote: »

In the past, I have known lenders to take the full salary, as long as the employer will confirm to them that they expect the person back full time at the end of the maternity period.

An employer has to expect the person back to their original job unless the person has handed in their notice.