Remortgage on Maternity Leave

djohnst

Our fixed term is coming to an end in September and we'll be looking to move to a new product with a different lender.


My wife is on maternity leave until January - is there a standard protocol for how to approach lenders with this? Presumably they'll want to know that she has a role to go back to in January at her existing salary.

Thrugelmir

djohnst wrote: »

Presumably they'll want to know that she has a role to go back to in January at her existing salary.

Unless made redundant she will have a role. That's employment law. What mortgage lenders don't know is if she will and whether she plans on changing her hours i.e. part time. Or whether you intend taking unpaid parental leave.

kingstreet

Some lenders won't lend.

Others will lend but they will want written confirmation of her return to work date, salary and childcare arrangements.

Check your existing lender's customer retention products as these will carry none of the hassle you'll get from a remortgage.

Waldorf_Statler

Went through this recently, though I imagine every lender will be different to some degree.

My lender stipulated that in order to apply for a mortgage on joint income we had to provide a written statement from my wife's employer citing her return to work date and salary.

The way I see it is your wife is contractually entitled to have the choice to return to work (per employment law as Thurgelmir states) but whether she does or not won't be a concern of your lender. Provided of course you keep up repayments...

amnblog

Kingstreet is correct.