will not returning after maternity leave effect my Current mortga and house purchase?

evosy1978

Hello all

The scenario is, we have had a sale agreed on a property we want and things are in full progress 6 weeks into it all. My gf has decided not to return to her job of 6 years and to go college instead. This will happen before it is complete.

When we got the mortgage it was a joint application her wages and mine or else my annual wages would not have been enough to be eligable for the loan. (I CAN afford the monthly payments on my wages alone though.)

So my question is do we now have to declare she is not returning to work to the lender?

Thanks

Thrugelmir

You are not the first person nor the last to make this statement.

(I CAN afford the monthly payments on my wages alone though.)

The mortgage affordability rule is there for good reason. If you choose to overextend your finances then you'll have no one else to blame but yourself.

If you have financial problems in the future then the non declaration will come to light, and you'll receive little sympathy.

Is it worth the gamble?

imcognito

I have to say (though in retrospect I may not be the best person to answer) that we were in a very similar situation. We purchased our house in Aug 2007.. I was on Mat leave (full pay) and planning on returning to work... however 3 months down the line childcare fell through and other thin gs meant that I could not return to work. In the end Other half got a new job and could afford payments on his own. As we were on a 3 yr fix we carried on and he has been able to afford it all along. no probs. We never declared. We are almost out of our 3 years now. Good luck to you

Wh05apk

You should declare it to the lender as it is a material fact, however from what you have said, I suspect they may withdraw their offer...........................