Mortgage and pregnant

caevans

Help!!! I have just found out I am pregnant, which I am in shock over as I have problems with fertility :-o
Anyway, we are in the midst of putting our house on the market and buying another but am now wondering how pregnancy will affect ability to get mortgage. We have had approval from a couple of mortgage companies, though we haven't reached AIP stage.
Do we need to let mortgage company know, I am only a few weeks pregnant. Or are we able to proceed without letting them know.
Thank you

amnblog

This is not an issue, and your business only at this early stage.

If you were on maternity pay after confinement it can be complicated.

Congratulations, and good luck.

caevans

Thank you that's a relief.
A wanted baby but a real shock and terrible timing!!!!

caevans

Sorry, another question. If were to stop just now and not go through with selling our house, am I right in saying that it would be more difficult to get a mortgage in a couple of years with 3 dependants? Thank you

happycamel_2

Yes, I'd get your move done while you can still show full payslips and legally declare no dependents. Also, moving house with a baby can be a nightmare, we moved when dd was 6 weeks old.

We declared the pregnancy because I was 6 months pregnant and we were asked if there was anything we knew that could chance our pay. I had to get written declarations from my mum that she'd provide free childcare, from my work that they'd take me back (even though legally they have to), it changed our disposable income figures too.

We still got there but only because our affordability was so good already. It's a bridge you don't want to cross unless you have to.

From a personal point of view, I think preparing a room for your baby and feeling settled is very important. I had terrible post natal depression and a lot of it was to do with not being able to prepare for the baby, packing boxes and dealing with solicitors and estate agents when she was tiny and then not feeling "at home" for a while after we moved. I spent hours on my own (husband at work) in an unfamiliar house with a screaming baby and found it a very difficult time.

Get moved, get settled, have your baby and enjoy them.

somethingcorporate

My wife is on maternity leave and we just had our mortgage approved, all it required from her employer was a letter confirming her return date (which is obviously subject to change) and her return salary so from a mortgage point of view it shouldn't change too much aside from the affordability of having an extra person to pay for!

From the practicality side of things I'd suggest the above post is spot on, get the baby here safely and settled and then worry about moving

amnblog

caevans wrote: »

Sorry, another question. If were to stop just now and not go through with selling our house, am I right in saying that it would be more difficult to get a mortgage in a couple of years with 3 dependants? Thank you

This is a difficult questions to answer. We cannot second guess your financial position in 3 years, nor lenders criteria.

Borrowers with no children will find it easier than borrowers with 3 children as the children obviously impact heavily on your budgetting and affordability.

caevans

Thanks, I suppose what I am asking is, will there be a big difference in terms of affordability/amount of mortgage able to get between having 2 kids and having 3? So confused what to do now.

amnblog

caevans wrote: »

Thanks, I suppose what I am asking is, will there be a big difference in terms of affordability/amount of mortgage able to get between having 2 kids and having 3? So confused what to do now.

Do what suits you and your family not the mortgage lenders websites.

caevans

Thanks, the reality is kicking in and I am panicking about what to do and can't see a way forward. Guess I will sleep on it and hope the right decision can be made for all of us.

amnblog

The reality of child no 3?

You'll cope - it will all be fine