mortgage and pregnancy

xyz123

hi

We are planning to buy our first home in next 6-8 months or so.

We will contact banks for mortgage in 3-4 months time. We may be expecting a baby on the way when we decide to buy.

how does this affect the mortgage, as banks would see that OH would be on maternity leave. OH has permanent job. will we get mortgage based on full salaries for both?

thanks

Nara

I think you should do, I know when we remortaged it went on both our salaries and I did this while i was pregnant, mind you i didn;t tell them, so you could always keep it a secret. I just worn a baggy jumper to the interview lol!
Personally I would wait to have a baby after moving, just because I found the whole thing so stressful, the paperwork and the actual moving that no way would I have wanted to be pregnant or have a tiny baby while trying to cope with it. From the sounds of it your partner is not pregnant yet, so maybe its worth thinking about ;-)

xyz123

any more thoughts?

dimbo61

So you are planing on taking on the biggest expense anyone undertakes by buying your first home together and if thats not enough stress you also want to start a family!
Have you got 20/25% deposit plus money for legals,fees, surveys, and moving in costs
You could also do with £10/15K in savings when you OH is off work and to buy baby stuff

xyz123

dimbo61 wrote: »

Have you got 20/25% deposit plus money for legals,fees, surveys, and moving in costs
You could also do with £10/15K in savings when you OH is off work and to buy baby stuff

yes i have 20% deposit plus other expenses plus 6 months worth of expected mortgage payments as contigency.

incher

If you're contacting banks in 3 or 4 months, your OH probably won't be on maternity leave yet - unless she's already pregnant?

My advice would be to delay having a baby until you've actually moved. And make sure you have enough room in the new place - it's amazing how much stuff you accumulate :-)

Good luck!

lushlady81

Absolutely. As for the mortgage company being unfavourable due to maternity leave, I dont think this will be an issue as although your joint wages will reduce slightly during your maternity, you will have a job to go back to and therefore your future earnings potential shouldnt be affected. Just my 2 cents!

incher wrote: »

If you're contacting banks in 3 or 4 months, your OH probably won't be on maternity leave yet - unless she's already pregnant?

My advice would be to delay having a baby until you've actually moved. And make sure you have enough room in the new place - it's amazing how much stuff you accumulate :-)

Good luck!