First time buyer during coronavirus but pregnant and due in 5 weeks

Beckybub

Hi,
I'm a little bit unsure of everything at the moment and would like some advice/reassurance if possible. We had already been struggling to get a mortgage as we found out my partner has an unpaid CCJ, so we have had to increase our deposit from a 5% to 10% because of this, and then on actually applying they would only accept a 15% deposit as the house is a maisonette. The problem now though with everything getting delayed is that I am due in 5 weeks so if we cant get our mortgage accepted in time for our decision in principle to run out and we have to reapply, it may be that when they ask for my last 3 payslips they will be really reduced if I am on maternity pay. Both mine and my partners wages have already been reduced as we are not getting overtime/bonus because of the virus. I am just wondering what kind of effect all this could have on actually getting the house, and with everything going on are mortgage providers rejecting more applications? What are our chances of actually getting the mortgage? We are really quite desperate for this house as we are currently in a very small 1 bed flat which is more expensive than what our mortgage payments would be and we thought the time here with the 3 of us would be a only a few weeks perhaps, but its looking as though we will be spending a bit longer cramped here anyway. But if we get rejected for this house and have to start the process again then we will really be struggling for space. Perhaps this is pregnancy hormones talking but I am finding this whole situation with not knowing whats happening to be overly stressful so any kind of information would be appreciated!!

greatcrested

It does not look positive for you I'm afraid.

Even if you get a MIP within the timeframe before you go on matrnity leave, any mortgage offer requires you to report any material change in your circumstances. And given that you are still at an early stage of buying, it will be some time before you can Complete. By then you will almost certainly be on reduced wages by the sound of it and a) you will have to declare that and b) the lender may find out anyway.

Have you gone via an independant mortgage broker? Have you discussed this with them?

[Deleted User]

I had my first baby in a small one bed flat.., we managed.  When he was in a full sized cot you couldn't walk around the bed lol.  My only cupboard was full of baby things til I learned that passing on outgrown items was a good idea.  We moved when the baby was 18 months old.

I'm afraid its a bit too late to move now and with the maternity pay problem (less money coming in, more to pay out - if you are going back to work eventually, there will be child care fees as well), you will probably have a better time if you wait til the baby is older and things are stabilised.

Beckybub

greatcrested said:

It does not look positive for you I'm afraid.

Even if you get a MIP within the timeframe before you go on matrnity leave, any mortgage offer requires you to report any material change in your circumstances. And given that you are still at an early stage of buying, it will be some time before you can Complete. By then you will almost certainly be on reduced wages by the sound of it and a) you will have to declare that and b) the lender may find out anyway.

Have you gone via an independant mortgage broker? Have you discussed this with them?

yes we have told the mortgage broker and he has been helping us to find a mortgage that we will be accepted for with our circumstances. I just don't know what we will do because I don't know if I will be going back to work yet so we might not be able to move next year and we really can't stay here for longer than a year. Where I live all the houses that are in good areas are a good 40k above our budget and so when this one popped up that we could afford in a good area we jumped for it. I don't think its likely there will be another this cheap for a long long time.