Help! Mortgage whilst on maternity leave... and on listed building

andidb

I'm hoping to buy a large 17th century 3 bed semi (part of a manor) in Somerset with my partner. I have a flat in London, with no mortgage; he has a house with his brother with a tiny mortgage on it which will be paid off before buying the next house. We are not planning on selling those houses before buying the next one but we do hope to sell at least 1 in the next year or so.

I am the bigger earner and without my salary we couldn't borrow the money or afford the mortgage! However, I am currently on month 5 of maternity leave, hoping to return to work in 2 months (and I'm not expecting to have moved by then). As a result although my base salary is high enough to get the mortgage, my last 2 payslips are tiny as I'm only getting statutory maternity pay.

My questions are:
1) Is it going to be difficult to get a mortgage given the fact I am on maternity leave? Are there any lenders in particular to try (ideally we would like a flexible / offset mortgage so that we can pay off a chunk when we sell 1 of the other houses?

2) Is it going to be difficult to get a mortgage for a 17th century house, and again are there any particular lenders / approaches to try?

Thanks in advance for any help with this!!!

dimbo61

this is so complex!!!
buying a house never mind a 17th century listed? building which may require thousands of pounds spending on it! is difficult and on maternity leave as well.
you need a big deposit and lots of money to pay for the upkeep.
Do you plan on living onsite or is it totally restored and fit for the 21 st century and a new baby
Yes offset mortgages are great i have one and both First Direct and YBS have good deals
Consider very carefully taking this on just look at Grand designs for ideas about costs/work involved

dimbo61

Full survey is a must and may well need expensive work

Wh05apk

Try Abbey, they will want confirmation from your employer that you are entitled to return to work, and the date.

Will you still keep your job if you are moving to Somerset? If not, or if the lender feels it would be unreasonable for you to travel, you may struggle.

andidb

Property value is £370k and deposit will be around £130K.

It is half of an old manor building and is in a pretty good state of repair - the current owners are builders and are retiring onto a property they have built next door so not going too far away. There is no damp and roof has just been done - however appreciate that there could be lots of surprises... and would definitely need and want full survey!

We do have a 2nd choice property as well which is new and a cheaper (£310) but doesn't have the character, grounds or location of the manor house!

Wh05apk, thanks for the tip on Abbey. I can certainly get a letter from work. Re keeping my job - I have been splitting my time between Somerset / London / other office locations for last 3 years and already had one baby in Somerset and went back to work so this will be the second time I do it. Would I need to prove it and how could I do that - should I get my letter from work to confirm that?

Is it best to go direct to Abbey to explain the situation or go through a broker? I am fearful of having too many credit checks, or wasting too many application fees! I saw on another website that someone last spring suggested Coventry Building Society - any idea whether they would be any good or if there is anyone else to try?

Thanks all - your advice and support is much appreciated!

Wh05apk

Down to the underwriters, if they feel it is realistic, and if you are able to stay in London, without huge cost then should be ok.

Abbey currently are competitive, I know they will consider something like this, as I have done a similar case recently.

Choice of broker or not is upto you, if you get the same deal why not a broker? let them do the running around, and phoning lenders to talk your case through, before submitting.