Mortgage up for renewal during maternity leave...

LynnLegend

Hi all,

Our mortgage will be due for renewal while my wife is on maternity leave earning statutory maternity pay. The jump in fixed period to SVR is relatively high (although we will be able to afford it) but ideally I would like to refix again at (hopefully) a lower rate - if I stay with the same lender (PostOffice/BankofIreland) are they liable to ask for proof of income? I appreciate borrowing more or moving lender will almost certainly involve providing wage slips so we will avoid doing that.

Would appreciate any guidance, I just want to keep this simple and refix if possible.

Thanks in advance.

LL.

ACG

No idea what PO/BoI stance is, usually it is not needed with other lenders.
However, it should not be an issue in the main. Most lenders will want to know if/when she will return to work and if it will be the same income or not and whether or not there will be any childcare costs.

shinypenny

I re-mortgaged (from Britannia to Nationwide) during my maternity leave. All I needed was a letter from my employer confirming the date I was returning to work and my salary.

Boredatwrork

I can't speak for your lender, but I remortgaged with halifax about 5 years ago, it was done online, they asked for no extra proof, and the whole lot was done in about 20 minutes.

If you changes lender, its a different matter.

Just call them and ask what the procedure is and what the current deals are, that way you are prepared. Remember to jot down the important stuff (your LTV, your mortgage balance, what they consider your house is worth etc, and how close you maybe to the next LTV in case you can get yourself over the line for a better deal.