Help with remortgaging and affordability

emilyjw

We seem to be in a tricky situation in that we are looking to remortgage with a ltv of about 80%. I'm currently on maternity leave and go back on the 1st of August. Based on my current maternity leave pay we don't meet the affordability scales, but based on my returning salary we would, except that our child care costs would be too high.

The amount we would be looking to pay back is less than we are paying now and I wondered whether any lenders base it on a pure salary rating rather than affordability?

We might get some child tax credits to help cover some of the nursery fees but I won't know this until i go back to work and apply.

Our nursery fees will drop in January when we get 15 free hours, but is there nothing we can do until then, except for hope we get pay rises and continue paying off our current mortgage.

Any help appreciated x

opinions4u

Who's your lender?

What rate are you going to be on (presumably SVR)?

Why the rush to remortgage?

Why not wait until you're back at work?

emilyjw

We're currently with scottish widows, 4%. The problem with waiting till i'm back at work is that we will then be having to pay higher childcare costs so I'm not sure that would stop us on the affordability still.