mortgage offer, matrrnity leave and returning to work

daisycharles

Hi

I am currently on maternity leave and we received our mortgage offer last week. I am due back to work in ten weeks and in two weeks I have to inform my employer of my intentions for returning to work. Before my lo was born I planned to return full time but now he's here I don't want to miss out and would like to return part time but am unsure if this would result in the offer being withdrawn? Our house is not due to complete until the end of November as it's a new build. I am due to return to work late October. Currently my wages are higher than my other halves.

We have done all the calculations and as a family member can have my lo free of charge for two days we will be no worse off, as if I went back full time and paid for childcare this cost would be the difference in my earnings.

If I have to return full time and then negotiate pt hours I will. But would rather just do it all now but scared the lender may do other checks and then withdrawer offer. Has anyone else had experience with this or any advice. Thanks in advance.

kingstreet

You should disclose your reduced earnings to the lender and let it decide if it still feels the amount you want to borrow is affordable.

TighterThanTwoCoatsOfPain

I'm struggling with the maths slightly (though admittedly I haven't given it much thought), but:-

If the two days childcare are the same as two days wages, is it worth returning at all? I'd understand if are still good reasons to return to work even if it's not that much extra, but if it's exactly the same as you're suggesting...?

I'm presuming I've missed something obvious :-)

daisycharles

I have someone to have him cost free for two days. If I return full time I have to pay childcare costs for the remaining three days which equates to the difference I would earn if I returned ft. I'm not sure I'm explaining it correctly but it makes sense to me

Paully232000

We were in the same situation last year and all the mortgage broker needed to know was what the wages were when my other half returned to work and the cost of childcare, and based the mortgage on that. So i would imagine that you need to tell your mortgage company what your wages will be on return to work along with costs.

Also wanted to know what she earned on mat leave, but i think It did help that she got 6 months full pay and 3 months 1/2 pay on mat leave.

daisycharles

Paully232000 wrote: »

We were in the same situation last year and all the mortgage broker needed to know was what the wages were when my other half returned to work and the cost of childcare, and based the mortgage on that. So i would imagine that you need to tell your mortgage company what your wages will be on return to work along with costs.

Also wanted to know what she earned on mat leave, but i think It did help that she got 6 months full pay and 3 months 1/2 pay on mat leave.

Yea I get a similiar maternity package .... Seems silly really as even if overturn part time my wages will still be more than the maternity pay I'm getting now.