Mortgage while pregnant...

Jayjay22

We've applied for mortgage in my name only.
Offer has come in which is great, we exchange in two wks, but won't complete till jan/feb as newbuild property.

Here is my concern on mortgage advisors advice the Halifax don't know I'm due to have baby late December.
The credit checks won't change if they recheck these before completion...
But they've not asked work for reference as yet... Will they do this?
And could the pregnancy come up?

Also wouldn't employment refs be done before offer?

Halifax only wanted most recent payslip, passport & proof of address. Not asked for bank statements which I thought was odd, and as I say not contacted my job yet??

Sorry this is so long winded!!

kingstreet

Oh dear.

Deception on the part of borrower and adviser. Not very good.

Any fact which may affect the lender's decision to lend should be disclosed right upto completion.

GMS

Halifax 'adviser' or independent?

Either way they need reporting for asking you to withold material facts.

From your point of view this is very risky. You exchange in 2 weeks and part with the deposit. If it becomes apparent to the lender that you may have a change in circumstance and they pull the offer you are at risk of losing deposit and being pursued for any costs.

Jayjay22

Independent advisor.

He said as we don't already hve dependant no need to disclose?
Money I'm on for maternity is full pay for 6 months & then ill be working again.
Plus as mortgage in my name only we need my full salary to get the mortage we need?
Very worried now

GMS

Jayjay22 wrote: »

Independent advisor.

He said as we don't already hve dependant no need to disclose?
Money I'm on for maternity is full pay for 6 months & then ill be working again.
Plus as mortgage in my name only we need my full salary to get the mortage we need?
Very worried now

So you get a letter from employer confirming you can and intend to return to work on same salary and conditions as before. You confirm you will return to work after maternity.

Why was mortgage in your name only?

Would having a child make affordability fail?

Much better to not get the offer and not risk deposit than fudge it through and put your cash at risk. May well be fine but always a risk witholding information.

Can't understand why somebody would advise you to withold such vital information.

Jayjay22

Advisor seems to think it won't come up?
All paperwork should go through before I go off on maternity.

Mortgage in my name only due to partners credit.
I don't think we'd get enough mortgage if they take a child into account.
As iv been offered pretty much 5x my salary.

Think need to bring this up with my advisor again.

nathan75

If they can recheck it or reaudit applications right up till completion (as iv recently been told) are you not worried about losing your deposit if they do find out about ur baby!
And worst case take offer away or reduce offer?

Jayjay22

Okay need some more advice please...
Went back to my MA with concerns and he really doesn't seem too worried.

Explained Novembers payslip will be last to not show maternity pay.
So although offer in, if they audit my application between now & completion they will likely see I'm on maternity leave & pull offer. Ill have at least two months between ex & comp.

I'm at max lending if they add dependant the full mortgage offer according to Halifax affordability calc will be reduced by £5.5k.

So should I push my MA to tell them & just try to find the added £5.5k as deposit.
As I really don't want to lose my deposit to builder if mortgage falls through.

Jayjay22

Ps. Concerned they will audit as this was a 'fast track' application according to my MA.

GMS

Your adviser knows the risks of this and is taking a chance with your money, not their own.

Personally I wouldn't ever put a client in this position. You want the property and have your judgement clouded potentially. If all is as simple and easy as your adviser thinks then why not apply truthfully? The answer is, it seems affordability.

With an audit rate of 1 in 12 for the lender why not take your deposit and put it on a dead cert horse at odds of 1/12. That surely can't lose.

Sarcastic comment I know but this is what you are doing if you exchange knowing full well the 'horse' (deposit) may lose. If the lender will not lend under the truth then do you really want to risk it?

Nobody can tell you what to do but please consider carefully. Have you explored all options for yourself and partner to be joint mortgagors? You said poor credit but have you looked into it fully?

Your call and I wouldn't want to question another persons advice, especially as they are in receipt of all facts and I am not but if you need to miss off information and cross fingers then be careful.

If it were a remortgage then there is an argument to say no harm done, aside from potentially being noted as having an application which was not 100%. You would not lose money though. With a purchase your deposit is at risk.

Jayjay22

Husband has ccj so joint mortgage is a no go.
Really don't know what to do.

Iv sent an email tonight to my advisor laying out my concerns fully.
I know the audit is a worst case scenario.

But don't want to spend the next 3 months worried when I have new baby to think of.
Guess iv answered my own question haven't I.

Thanks