getting a mortgage whilst taking unpaid sabbatical

Nenen

I'm hoping someone knowledgeable can give some advice. My dh and I sold to rent two years ago are now in the same position as first time buyers and have a 20% deposit. I am a teacher but am currently taking a one year unpaid sabbatical to study for a Masters degree. My job is being held open for me (I have this in writing and have been doing one hour work per week in order to maintain employment and pension benefits which I have been paid for during this time). I will return to full time work in September 2009 (first full time salary check will be paid in mid September). We are looking to buy a house if something comes up for the right price but am not sure if we will have to wait until I have three months salary checks (i.e. mid-December) before we can apply for a joint mortgage, or would a BS be prepared to take my forthcoming salary into account before this date?

unite79

Some lenders will forgo the 3 month salery checks, subject to the position being permenant, with no probation, which bearing in mind you have maintained employment I expect would be ok - You probably need to speak to a local whole of market broker, as ther are a few lenders that specialise for teachers.

herbiesjp

Does your dh work?

Could it be agreed on the basis of his income alone so not have problems with your income?

If your income needs to be taken into account, there are lenders that can help as long as you have the letter confirming your return.

Some may want to delay completion until you re-start full time, some may be able to look at this before you go back to work

However you would need to make sure it was affordable in the meantime, if you did buy before going back to work full time.

Nenen

herbiesjp wrote: »

Does your dh work? Yes

Could it be agreed on the basis of his income alone so not have problems with your income? No, we need my income to be taken into account too in order to get the mortgage we need

If your income needs to be taken into account, there are lenders that can help as long as you have the letter confirming your return. Got that

Some may want to delay completion until you re-start full time, some may be able to look at this before you go back to work

Perhaps we shouldn't start looking just then yet then - it is just that we were hoping to be able to move in the summer between me finishing this masters and going back to work

However you would need to make sure it was affordable in the meantime, if you did buy before going back to work full time.
We have savings put aside (separately from house deposit) which we are gradually using up to give us the same income as if I was actually working, so that is not a problem.

Than you for your suggestions and advice - much appreciated:beer:

herbiesjp

If you are looking to move in the summer, then that means the time delay between buying and going back to work will not be that long.

In that situation then, it may be easier to get the mortgage agreed