Remortgaging whilst on maternity leave

pozalina

Hello All,

I'm thinking ahead as my 3 year fixed deal isn't up until April 2008. However, at that point I will be on maternity leave and when I return to work in June 2008 I will be reducing my hours to 3 days a week.

My question is: when I apply to remortgage can I state my income as my full-time salary (as technically I will still be on that salary at that time)? But knowing my income will drop by 2/5 shortly afterwards should I state this as my salary?

My dh earns significantly less than me, although we have a jont mortgage.

I will be grateful for any advice on this matter.

Thanks!

ClaireEx

This is my first post - hope it is OK to hop on to your message as I am in the same boat!

Our fixed rate deal of 4.29% is up in Jan 08, by which time I'll only be on £112 pw SMP and I don't go back to work until May 08. Also since taking on the mortgage my husband has gone freelance and is so far only earning small amounts, probably about 8k pa. Will we just be laughed at if we try and remortgage 96K on this basis? Or will me going back to work be taken into consideration? We won't be able to afford current mortgage really, let alone face a big rate increase.

We can also take a payment holiday of 6 months - but when is the right time to do this? I finish work end July and will be paid wages until mid Oct.
thanks