mortgage and maternity leave...

sandraa_2

hello,
I am on maternity leave at the moment and was wondering how that is going to affect our mortgage apllication.
I am supposed to go back end of january but in fact I will stay with baby and give up work.

My question is for how long are mortage offer valid for (is it 3 months?)...? For example if i apply for a mortgage end of december (just before resigning) and it is approved, can I buy in febuary even so I will be unemployed by then?

thanks

Sandra

Scott

It'd depend on how vigilant the underwriter was in checking your application and spotting that you were nearing the end of your maternity leave, etc. They may want some kind of affirmation that you'll be returning to work, so it may get tricky.

irs101

I've just been through the same thing. It depends on which lender you are going with. For example, Woolwich won't take your income into account at all if you are on ML, irrespective of if/when you are going back to work.

We went with Nationwide in the end. They will take your income into account in full, but require you to confirm in writing that, at that moment in time, you intend to return to work after your ML. It's a spot check (to reassure their underwriters I assume) so no problem if you later 'change' your mind. Not sure what happens if you are approved and then resign before you complete though.

irs