maternity leave

emmysmum

I'm currently on maternity leave, and my dh works full time.I'll be going back to work three days a week in October. My work will officially confirm this 28 days before I actually g back,but it is definate, my names on timetables and been sent home to parents etc detailing when I'm coming back.
Our fixed rate will be ending soon, and we'd like to get another.my income is significantly less at the moment than it will be when I go back to work, as I'm getting statutory maternity leave.
I think technically I'm still employed full time.
How would I pt this on a mortgage zpplicatio ?
We could manage on just my husbands salary.
If it helps, looking to borrow 112,000 over 20 years. Dh basic salary 34,400 and when I was working full time I earned the same. I'll get about 21,000 when I go back to work.

kingstreet

Are you asking your existing lender for a customer retention product, or looking to remortgage?

If the former, you are unlikely to be asked any further status questions, so maternity leave is not going to be relevant.

amnblog

If you are switching lenders the most common approach is that they will ask your employer to confirm your date of return and income on that return. This figure can then be used to underwrite the mprtgage.

They can often ask to see evidence that you have savings to cover the costs until that return to work.

Most of the major lenders work this way.

Given your husband's income I dont see too many issues.

emmysmum

Ah, that should be fine then :-) in work for a council so they should be able to give them any info required. Will be looking to remortgage to another bank. With ing at the most, would like to change to first direct I think. Only my dh banks with them, not me. Would that be OK do you think?
We have approx 7k in savings that we have no fixed plans for, as we'd thought we may need to use it while my pay was reduced, but haven't needed to as yet.

Let_Us_See

As long as you do not have significant existing financial commitments then only your husband's salary (3.25 x income on £112k) should be sufficient for most lenders - be it retention or a new re-mortgage.