Getting a mortgage after a sabbatical?

nm123_2

Hi there,

I'm considering taking a sabbatical from work for 3 months. The sabbatical would be paid - 25% of normal salary. I'm on £40k, so I guess it would be £10k pro-rated over the 3 months.

OH and I hope to be in a position to buy a house when we get back from the sabbatical (planning on backpacking for 3 months and should be coming home to savings that would roughly equal a 10% deposit) but I wondered how it will effect any mortgage applications? Do they use actual earnings or do they use my "normal" salary? If they use the actual earnings, how long should we leave it after getting back before applying? 3 months? How many months' earnings do they like to see?

BTW, the OH is self-employed, so he would not be paid at all during our time off, which is I guess why my salary is more important given that it's slightly more stable than his...

Thanks in advance for your assistance

Pee

A Sabbatical shouldn't be a problem - would seem to me like a sign of a secure job. Self employed is more tricky, but once you get back and have one fresh wage slip I think they would accept the £40K. Previously I have changed jobs, had a payrise and bought the new house increasing the mortgage on the strength of the payrise, admittedly I never had a probationary period according to a contract but in practise starting a new job is a bit risky.

confused31_2

I have just been on sabatical for over 6 months, i was on 80 percent pay but the way they done my wage slips was pay me my full wage, then have the percenttage deducted afterwards, so when i got my gross pay stayed the same.

If this is the same case for you it would not affect a mortgage application as they only look at your gross pay.

Yours may be different they done ours that way aswell so they was still paying our company pension at what we would if we was been paid in full.

also i have just done a remortgage after my sabatical and i had no problems.