FTB Worrying Situation, Advice Needed Please!

Doggy_B

Hiya, first time poster here.
My wife and I are first time buyers, who have had an offer accepted on a house. The vendor accepted our lower offer on the condition that she could pass the reduction up the chain (she has already had a sale fall through, so obviously we are attractive as FTB), and the 90 year old lady she is buying from agreed to this. The elderly lady hasn't found anywhere yet (she's looking for a garden flat, and is only dealing with one estate agents, so it may be a while). This is the extent of the current chain.

We were under the impression to begin with that the solicitors would be swinging into action, and so have had a mortgage agreed and approved with the bank- we are due to sign it on Wednesday. However since then, due I guess to the possibility of things falling through again, we have learned that no conveyancing will start until the chain is complete. We were therefore going to leave the mortgage and reapply when the chain is complete.

However, we have just learned that my wife is pregnant. We are worried that if we need to apply for a mortgage in a few months time, a lender wouldn't give us a mortgage because of my wife's obvious pregnancy and the reduction in our salaries due to her being off work/maternity pay etc. We know we could manage on my salary, but the banks wouldn't agree on the numbers we would provide- we have already been told by the bank when we enquired before that for me to take the mortgage alone would require another £30,000 deposit, which of course we don't have.

We are thinking of signing the agreed mortgage, and crossing our fingers that the old lady will find somewhere before it expires in six months time. Our problem is that if this doesn't happen, we will be unable to get another mortgage, and be forced to continue living in our already too small one bedroom flat- with a screaming baby, and no possibility of buying anywhere due to not being able to get a mortgage.

What can we do? An already stressful situation is becoming worse with the news of my wife's pregnancy and the possible consequences for the mortgage. We are looking for other properties that aren't in a chain, but suitable ones are few and far between, and we have our heart set on this one anyway. We're not sure if we should tell the estate agents so they know our urgency, or if it's something we should keep to ourselves.

All help greatly appreciated, thanks!

InLimbo_2

As far as I am aware, a mortgage company can refuse a mortgage for any reason at any point but they cannot discriminate against you on the grounds of your wife's pregnancy.
It might be worth your while talking to a mortgage advisor (one not linked with the bank you are currently about to take a mortgage with!) for some advice on where you stand.

Good luck

Mallotum_X

Can you afford the mortgage on one wage - that would be the first thing to consider before you do anything else. The last thing you need with a new baby is to be struggling to pay the mortgage.

Doggy_B

Hi, yes we can afford to pay all the bills on just my wage, however the bank wouldn't see it that way based on the figures alone, unless we coughed up another £30,000 for the deposit.
The bank may not be able to discriminate on my wife's pregnancy, but they can on the knowledge that she won't be earning her full wages for an unknown time after she gives birth, can't they? After all, the mortgage will be agreed based on both our full salaries.