Need to remortgage at the same time as going part time at work

Grovesye

Our current 5 yr fix ends in May so i need to start looking at a new deal.
I am the highest earner as my husband is self employed.

However, I am currently on maternity leave - retuning in April but part time.
Will the fact I am part time affect our mortgage offer?
If I get a mortgage deal agreed before April do I have to tell them I am changing to part time?
What figure would I give them as my salary, my full time wage now, part time wage and what about the fact that I have only received maternity pay for the past year...

Confused!!!

kingstreet

Are you remortgaging or asking your current lender for a new deal?

Grovesye

I am currently with Santander so will obviously see what they offer. But I will go elsewhere if I find a better deal

kingstreet

Your existing lender will not carry out any further checks when offering you a customer retention product.

If remortgaging, some lenders will want to see your maternity leave end and for you to return to the income you need to justify the level of borrowing. Others will accept that income, based on a letter which confirms your return to work date.

If you are not returning to full time work/income you may have a problem justifying the amount of your mortgage. You would have to declare any change in your income between making an application and the mortgage completing.

So, you'll need to establish which lenders are open to you and at what point in time.

Grovesye

Thanks. So guessing I may be best to stick with my current lender, as long as their offer is competitive

kingstreet

You should consider what they are offering and compare it to remortgage alternatives which may be open to you.