maternity leave and mortgage applications..

wannapayoff

We've accepted an offer on our property which gives us:

£25,500.00 equity

£18,200.00 total in savings

we are looking at 7 properties over the next 2 days ranging from:
prices of 180-250k (wouldnt want to pay any more than 235k tho) our fav house is on for 205k.

looking at an LTV of 10-15%

We both have excellent credit ratings

DH SALARY 50K
MY SALARY 40K

I am on maternity leave on full pay until the end of MARCH then SMP

what problems could we hit (if any) will arise whilst applying for a mortgage? as I'm getting full pay I take it this will work in my favour?

we are going to see a whole of market adviser tomorrow.

Thank you in advance..:D:D

tink_1983

I talked to my broker about this, and the only impact he told me was that i would have a 'dependant' which means you can borrow less.
Plus they might want letter from your work confirming your return date, this is what he told me but we didnt go into alot of detail as im not off on mat leave yet.

Talk to your broker as he will know best :-)

wannapayoff

We already have 1 child so will from thurday have two... I'm having a year off work so hope it doesnt impact too greatly, and maybe hope the fact we should have £10k left after costs may cover us in some way...

I hope to god its not going to stop us getting our dream home

Cara79

Some lenders don't ask how many dependants you have.

I am on mat leave at the mo & have just applied for a mortgage. I just had to get a letter from my employer confirming my return date, salary & job title.

If u can get this u should be fine
X

wannapayoff

Does this letter need to come from a HR department or just my manager?

Dave_Ham

The year off work will definitely scare some lenders. The broker should manage this for you and therefore they should find the most suitable solution.

Many lenders will want to see the financial costs of childcare covered off within your application.

Good luck!

Cara79

wannapayoff wrote: »

Does this letter need to come from a HR department or just my manager?

Mine just came from my manager but I returned from my years maternity leave last month.

X

wannapayoff

our child card costs are nil as have MIL and my mum who both dont and will not work.

we've seen a house today which would be perfect its currently £205k and has been on market 2 weeks NO CHAIN, our buyer is coming from rented.. 5 more to view tomorrow but they would need to exceed this houses expectations.. DHs salary alone would cover the mortgage amount so really dont think its going to be a major concern now. thankyou for all your replies.

wannapayoff

We got our mortgage offer from nationwide they required an employee reference from my employer, the only thing that held it up was that they failed to inform me I needed to authorise the request.

We also got the house we wanted for 200k so 5k off.. It was listed low for a quick sale.. They had only been on market a week lol a house of same spec sold for 215k recently on same street!

Our solicitor is looking to push for completion next Thursday! :O

Dave_Ham

Well done - Fingers crossed, really brave decision that close to Christmas.

I wish you well...

wannapayoff

Dave_Ham wrote: »

Well done - Fingers crossed, really brave decision that close to Christmas.

I wish you well...

Still waiting for the solicitor to confirm our buyer is happy with next week, starting to think it may not happen until new year now.. Which would give me more time to chill.. We'll see