Applying for Mortgage advice

kingstreet

No. That's not what I'm saying.

It does not necessarily follow that the one that takes the latest year's net profit will offer a better rate than the one that takes an average.

If I've given you that impression, I didn't intend to.

If there is a difference, we're probably talking 0.1% or 0.2% here, not a massive margin.

Your latest SA302 will show tax year 2012/13 which ended in April.

rupertbankstaylor

Hi King Street - as you have been super helpful I was wondering if you could provide guidance on the below.

My wife is due to go on maternity leave mid-January for our first baby so I am interested to know whether it makes sense to get our mortgage in place before this? She will be on 90% pay for 3 months, so I want to make sure we can use her full salary to secure our mortgage.

When you actually come to buy your house, do they then ask to see payslips, bank statements and do another credit check or is this just done at the DIP stage? I'm trying to tie together the full process so we don't get punished for when she goes on maternity leave.

Thanks

rupertbankstaylor

Also the SA302 form, as it only shows up to April 2013, this is no good as I have only been on a salary since August 2012 so it will show 60% of my proper salary which won't be enough. What are my other options? Thanks

kingstreet

rupertbankstaylor wrote: »

Hi King Street - as you have been super helpful I was wondering if you could provide guidance on the below.

My wife is due to go on maternity leave mid-January for our first baby so I am interested to know whether it makes sense to get our mortgage in place before this? She will be on 90% pay for 3 months, so I want to make sure we can use her full salary to secure our mortgage.

When you actually come to buy your house, do they then ask to see payslips, bank statements and do another credit check or is this just done at the DIP stage? I'm trying to tie together the full process so we don't get punished for when she goes on maternity leave.

Thanks

Depends on the lender. Some will only offer during maternity leave if you have evidence of savings to cover the maternity leave period.

Others will accept the last payslip before leave, a letter from the applicant and a reference from the employer.

If you have a full DIP (again depends on the lender) and make a full application within the DIP period (normally three months) no further credit search may be required.

Status documentation is normally requested at full application stage, not at DIP, again lender dependent.

Your SA302 for 2012/13 will show ALL your income for 2012/13 not just the salary you received. If you had part of the year self-employed and part of the year as an employee it will show both.

TBH you're really getting beyond the scope of a forum. You now need proper one to one advice to plan this project properly to ensure you obtain the right product and the right lender for your individual circumstances.

rupertbankstaylor

Yeah appreciate that - I've got a advisor but he is so busy and doesnt answer the questions as well as you!

Do we have to tell the lender that one applicant is pregnant? (final question!)

Thanks for your advice, very very helpful.

kingstreet

No. You don't.