Mortgage on Maternity Leave

Trixabell

Myself and my husband are in the process of wanting to move house. We are wanting to buy a new build so have to wait until an offer has been accepted on our in order to reserve one of the houses.

I am due to go on maternity leave in 9 weeks. Does anyone have any direct experience of applying for mortgages whilst being on mat leave and how does this impact on your chances?

Mummyto4kids

I'm about to start maternity leave this week, we've bought a new build via HTB equity loan through Halifax. We reserved in Nov and the house should be ready end of May when ill be on reduced maternity pay - we had to provide confirmation from my employer of my maternity pay deal which is pretty good but not full pay - we also had to give them confirmation that I would return on the same wages, and proof of my ability to work from home part of the week as it impacts on projected child care costs.


They were happy. Id say use a broker though if you haven't decided to already as they will know which lender best suits your circumstances.

Trixabell

Brilliant thank you so much! My childcare costs will actually reduce by the time I go back to work as my mum is due to retire. Was it just a letter from your manager that you needed to submit?

Mummyto4kids

Trixabell wrote: »

Brilliant thank you so much! My childcare costs will actually reduce by the time I go back to work as my mum is due to retire. Was it just a letter from your manager that you needed to submit?

I just gave them my HR teams details and they confirmed it directly with them - they sent me a copy afterwards and it was just a one page doc detailing pay and return to work details - seemed easy enough!

Paully232000

Trixabell wrote: »

Myself and my husband are in the process of wanting to move house. We are wanting to buy a new build so have to wait until an offer has been accepted on our in order to reserve one of the houses.

I am due to go on maternity leave in 9 weeks. Does anyone have any direct experience of applying for mortgages whilst being on mat leave and how does this impact on your chances?

We did this too, albeit 2 years ago, so a lot may have changed since then.

My other half was on mat leave when we applied and we had to show my income, which was fine. We also had to show partners income before mat leave, during mat leave and when she would return to work, and the planned start date for returning, and anticipated childcare costs for nursery. Didn't seem to cause problems as we got the mortgage we wanted without much hassle.

kingstreet

Be careful with this.

Policy varies widely from lender to lender and some lenders have more stringent requirements than others.

disgruntledhomeowner

We are currently in the process of doing this and had received our offer this morning!!

My wife is currently on Mat leave and is due to go back to work in May 2016, we used a broker explained our position and were asked to provide my wife's pay slips before and during maternity leave along with a letter from her employer confirming Return to work date and contract details. We were also asked to confirm childcare arrangements.

So it is possible but I expect it requires a broker who knows how each lender works..

Good luck