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Remortgage and maternity leave
Morgage_Confused
Posts: 397 Forumite
Would a picky lender like FirstDirect(or any for that matter) refuse a remortgage or reduce the income multiple for someone on maternity leave. Im looking at FD offset 3 year fixes.
The mortgage application would just about coincide with the start of maternity leave during which the applicant would still be on full pay.
situation would be..
2 months full pay
4 months half pay
Then back to work at full pay. So would it be better to wait till back at work for a few months instead. Problem is the person on maternity leave is the main applicant financially.
LTV 55%
Re-mortgage amount £160,000
Available savings(to offset) £25,000
Applicant 1 (paye, starting leave) £54,000
Applicant 2 (self-employed) £12,000
Currently with woolwich tracker at 2.68%(2.18 plus BBR) tied in till jan 2013. Looking to start remortgage aplications 6months prior in July 2012. Im desperate not to miss any more of the low fixes as there dissappearing one by one.:mad:
The mortgage application would just about coincide with the start of maternity leave during which the applicant would still be on full pay.
situation would be..
2 months full pay
4 months half pay
Then back to work at full pay. So would it be better to wait till back at work for a few months instead. Problem is the person on maternity leave is the main applicant financially.
LTV 55%
Re-mortgage amount £160,000
Available savings(to offset) £25,000
Applicant 1 (paye, starting leave) £54,000
Applicant 2 (self-employed) £12,000
Currently with woolwich tracker at 2.68%(2.18 plus BBR) tied in till jan 2013. Looking to start remortgage aplications 6months prior in July 2012. Im desperate not to miss any more of the low fixes as there dissappearing one by one.:mad:
0
Comments
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Would only worry about it at the time, criteria changes all the time and First Direct may not even be competitive in July.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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we remortgaged with fd when i was 6 months into mat leave. All they needed from me was a letter from my employer stating my salary and when i returned. I wasnt the higher earner though but i shouldnt think that would make too much of a difference.
Good luck! we've now been with fd for 3 years and love them.0 -
2.68% is a very good deal, does it change in Jan 2013 to the SVR or is it a lifetime tracker ?0
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Its a lifetime tracker, and im quite happy with it.
Its just i have my eye on offset mortgages due to savings and I also like the idea of fixing while rates are still low. Ive noticed the good 5year offset fixes are dissappearing now, Yorkshire and Chelsea rates are climbing. Leaving only the FD 3 year fix at 2.79 looking tasty.
I fear by the time I am up for remortgage, offsets might be a thing of the past. Looks like I am best dumping the savings onto the mortgage directly.0
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