mortgage whilst on maternity leave

va1.6

Hi everyone i currently have a mortgage on a 2 bedroom flat which is 88k outstanding however i would like to remortgage for the full amount of what it is worth which is 112 and use the money to buy a bigger house which will be approx 150k, here's the problem i have, i currently am on maternity leave and my gross earnings are 3,600 for the next 6 months after that i will be returning to work part time making my earnings 9'600 per year.

at the moment the mortgage is in my name but we are thinking of going for a joint mortgage my partner earns 24k per year, here is the other problem i have my partner has an iva and has 18k outstanding.

the question that i'm asking is will we be able to get a mortgage or not.

i forgot to mention that the mortgage on the flat will be paid through tenants. We are currently renting ourselves in a differant house to the flat.

Any help would be appreciated

Pee

I posed a similiar question to this, and it seems to me that it's putting a lot of pressure on a new father to be financially responsible for effectively two mortgages. I have very good tenants in my house, but even good tenants lose jobs and struggle financially sometimes and bad tenants can take a long time to evict.

If your partner has an IVA I don't think he will be able to get a mortgage and a 100% buy to let mortgage is also probably not possible at the moment.

(Out of interest my figures were current house £200k with mortgage of £71,000 and a new house of about £125k.)

happybroker

sorry to be the bearer of bad news but no you won't.

you won't be able to remortgage you're flat at 100% ltv and even if you could a current IVA would prevent your partner getting a mortgage at 85% ltv on the new place.............sorry again.