Remortgage and maternity leave

bc2

Hi,

We're looking to re-mortgage our house in August, but I'm also due to start maternity leave at the same time!

We're in a good position financial and have no worries about being able to afford the repayments. I'll get 13 weeks full pay, and then statutory until 39 weeks, plus £9k in savings which will be more than enough to cover all our outgoings during this time. Plus we're hoping to save another £2-3k before my full wage stops in November.

I understand some lenders might not lend to us as our income will drop over the course of my maternity leave, but just wondering if anyone has any experience of this so far? Does anybody know which lenders may be more accommodating? Or if there are some that we should just stay clear of as we don't stand a chance!

Looking at the best buy tables I like the look of the Nationwide tracker mortgage at 2.59% (2.09% + Bank of England base rate). I'm going to call them to see what their stance is on our situation, but has anybody had any experience with Nationwide in a similar situation before?

I've already spoken to London and Country mortgage brokers, and didn't find that the deal they recommended was that great in the current market. But that could be that we won't get the best rate in our current situation.

Any help or advice would be much appreciated!

Thanks

amnblog

A broker can only recommend what you meet criteria for. Not what you see online or in the papers.


The most common position on maternity leave for Lender is a requirement for the employer to confirm when you are expected back at work and the income at that time.


They will also of course, factor any on-going childcare costs into affordability.


That is the position at Nationwide.