Getting mortgage when on maternity.

slash007

Hi,

When applying for mortgage is it possible to include my wife earning?
She is currently on maternity leave until end of this year.
She will be going back to full time employment with her current employee.

Thanks
Adam

kingstreet

Yes. Some lenders have more onerous requirements than others, such as having to provide evidence of savings during the leave period.

A broker will establish the easier options for you.

clairebeth

We are currently reviewing our mortgage, I finish maternity leave in October. Atom wouldn't consider us until I'm 3 months from returning to work, Coventry will accept my normal earnings and consider savings as a way to cover the mortgage during unpaid leave. If there is a particular mortgage you want, Google, for instance ' x bank lending criteria' and it will have details about what they will probably accept for maternity leave, although of course you won't really know until you speak to them.

Our broker found a lender who will base lending on 100% of my earnings and it was a reasonable deal (1.99% over five years), but I don't actually know who that lender is because he can't tell us until we agree that it's the right deal for us (?) or something.

They need a letter from the employer on headed paper with details of return to work, last payslip before maternity leave started and most recent payslip.

Good luck!

Thrugelmir

clairebeth wrote: »

Atom wouldn't consider us until I'm 3 months from returning to work,

You employment rights mean that you need only give your employer 2 months notice of your intention.

clairebeth

Thanks Thrugelmir, that's true, and it says so in my maternity contract, but my contract also says I can stay off until October, which I'm planning to do, apart from some kit days in August and Sept. So they wouldn't consider us, our broker spoke to the rep when he was in their office about our case specifically because we were trying to snap up the 1.34% over five years!