New mortgage and change in circumstances - advice needed please

snoopy27

My question is regarding changes to my employment circumstances but these wouldn't affect the ability to make all repayments to the mortgage as needed. Also likelihood of mortgage based on income (at the end of the post)

I'm looking to move home and in the process of choosing a mortgage to move to a larger home.
I am currently on maternity leave (still full pay until moves to statutory in March) and returning to work October.

The mortgage will be joint again with my husband but I am confused as to whether I would need to notify the bank of any changes in my situation once the mortgage has completed. For example if I were to leave work to raise the children.

If so, what is the length of time I need to keep the bank informed for? Is it the length of the mortgage?

I have been told by a friend that I don't need to tell the bank anything, as soon as the mortgage is completed they don't care as long as they get their money on time.

I am returning to work as We don't know how likely it is to be able to get a morgage to borrow 185k (deposit 45k) on a joint income of 36k with me not working and 2small children (even though there are no childcare costs)
I think unlikely.

betmunch

You don't need to tell them about job changes after completion, but you do need to tell them about any planned changes you are aware of during the application, ie maternity leave going to SMP.

Mummyto4kids

You definitely need to declare your maternity leave and pay if you are applying for a new mortgage - Im 7 months pregnant and had to show proof that I get full pay for 6 months whilst off on leave and employer confirmation that I will be returning to work on the same salary in order to get our mortgage. But once the mortgage completes I don't think you have to inform them

snoopy27

Thank you for replying. Of course I will be honest about the pay I'm currently on, I just wasn't sure if I needed to inform them about me possibly not returning to work (if the mortgage has completed) or if I return to work but then have to leave a month or two after we have completed (it may look suspicious from their perspective)

Or am I reading too much into all this?

Mummyto4kids

I think its your intentions at the time that matter - that's what our broker said - because you cant see into the future what might be around the corner - just make sure if you leave work you can afford your repayments

snoopy27

We can afford repayments easily as it's pretty much the same amount as we have borrowed on our first mortgage and we budget comprehensively.

I think I'm concerned to how it may be viewed if we get the mortgage completed and then a month or two later I'm forced to leave work to look after the children. It is my intention to return to work but as it stands now we have free childcare (family) but this could change.

E.g we completed the mortgage in July but I left work in Sept/Oct time. Would I need to inform the lender? Could they revoke the mortgage?

Cupcake85

I wouldn't say anything, as long as you can pay your mortgage on time keep quiet, things change all the time sometimes for the better sometimes for the worst mortgage companies would be twice as busy if they had to constantly update things like that so I would personally just leave it