Mortgage Calculator on Maternity Leave

DIY_Dave

Hi guys. I am looking for some advice from you very knowledgable people.

My fixed rate deal comes to an end in 18 months and as I am with NRAM I assume I am going to have to move my mortgage to another lender.

Me and OH are planning on starting a family and all being well my OH is likely to be on maternity leave when it comes re-mortgage time.

How will this effect the amount we can borrow?
Will lenders base their calculations on the maternity money or her wage once she returns to work?

We will probably have 10-15% equity and may be looking at the Post Office as a potential lender.

Any advice would be most appreciated.

flipper_72

We moved house last year whilst i was on ML (in the last 3 months where i had zero income other than tax rebates). I had a letter from my employer stating my salary instead of my payslips (mortgage with A&L and never used them for anything before this).

luckyfool

You can potentially start the ball rolling on the remortgage 3-6 months prior to the end date on your fixed deal, and have the offer ready to switch over if that helps.

Most lenders will work from her maternity pay unless she is within 3 months of returning to work at the point of application (and gets the employer to confirm return date, salary, and full time etc). There are one or two lenders who will consider using full return to work salary from day one of maternity leave (again assuming she confirms her intention to return to work full time (or on what basis she intends to return) and a good broker should be able to assist on that.