Remortgaging and maternity leave

daniel19

I was wondering if anyone could provide any advice on the following situation:

I need to remortgage in the next 5 months. I currently have a mortgage of £162,000 on a property worth £340,000.

My wife is on maternity leave and not due to go back to work for another 10 months. She is likely to go back part time but she can't make any arrangements with her employer until 2 months before her return to work date.

I have just spoken to HSBC and they have informed me that they will only give us a mortgage based on my salary but for various reasons my wife has to be a joint applicant for the mortgage. This is therefore significantly reducing the amount we can borrow. They are currently offering us £133,000.

I currently earn about £46k and my wife is likely to be on £24k when she returns to work.

Does anyone have any suggestions how we can get round the problem of HSBC not taking into account my wife's salary on the application?

I am looking for a 5 year fix.

Thanks for any help.

blueberrypie

Why do you have to remortgage? Have you checked to see what your follow-on rate is? Have you considered other lenders besides HSBC?

daniel19

The follow on rate is good but I am concerned about interest rates going up and think it will be a good time to fix when this mortgage ends.

I am looking at other deals it is just for me the HSBC deal is the best.

Thrugelmir

daniel19 wrote: »

Does anyone have any suggestions how we can get round the problem of HSBC not taking into account my wife's salary on the application?

You can do little more than wait until her new position is confirmed.

blueberrypie

daniel19 wrote: »

The follow on rate is good but I am concerned about interest rates going up and think it will be a good time to fix when this mortgage ends.

I am looking at other deals it is just for me the HSBC deal is the best.

It's not the best if it's not available to you, and right now, it isn't. Any lender can choose to use any criteria - if you don't fit, there's nothing you can do about it. Your current options are to use another lender, or to wait.