We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage advice with pregnancy conundrum (application + effect) 1st time moving property to property
Fork_It_Off
Posts: 6 Forumite
So I should have moved before now, but A- Didnt know wife would get pregnant so fast and B- I came into a bit of money recently in the last few months which was has changed. This is my second house move so first time from house to house
My financial situation:
Im looking for the best time to move house and apply for a mortgage given my circumstances and maternity leave pay, child dependent costs etc hre is my situation in full.
-We are looking at getting the max borrowing we can possibly get as moving just outside London.
-Have mortgage debt of £215,000 from original debt of £325,000 on a property we have been living in for 6 years.
-Current house value is £415,000 and new house value we want the max but looking at £650,000-£700,000 at least really.
-We are currently on a 2 year fix mortgage deal at 1.19% with HSBC until September 2021, whole mortgage history is with them, never missed payment and regularly overpaid.
-Wife is expecting baby early September this year and is in the NHS, maternity leave for 1 year she will 100% be returning to work full time.
-We have a dual income of £91,000 (I ave various incomes on the side which cant be factored for mortgage purposes)
-No credit card debt, great credit scores both over 990 on experian, very frugal spenders hence why we have been able to whack mortgage down so much.
My questions:
When would the best time be to move to get the max mortgage amount? As there will be a dependent, childcare costs and maternity leave reduced pay. Not sure how lenders see this. Is it best to move asap or move after child has been born or my wife goes back to work?
What is a rough expected amount we could expect to borrow? (Im reluctant to move from HSBC but obviosuly will do if it really benefits us, they are generally the best deals in the market, have our history which can only be beneficial and as far as my research looks they look the most lenient on potential borrowing (maybe 5x 91,000, so around £450,000.
What should I look to have as liquid cash for the move, 50k? Or should I just whack loads more into the mortgage given there isnt really anything decent to invest in at the moment?
I have done a few basic mortgage searches on MSE and other comparison sites and various research on pregnancy affects on mortgage but havent seen anything specific to our situation. All thoughts and views appreciated thankyou
My financial situation:
Im looking for the best time to move house and apply for a mortgage given my circumstances and maternity leave pay, child dependent costs etc hre is my situation in full.
-We are looking at getting the max borrowing we can possibly get as moving just outside London.
-Have mortgage debt of £215,000 from original debt of £325,000 on a property we have been living in for 6 years.
-Current house value is £415,000 and new house value we want the max but looking at £650,000-£700,000 at least really.
-We are currently on a 2 year fix mortgage deal at 1.19% with HSBC until September 2021, whole mortgage history is with them, never missed payment and regularly overpaid.
-Wife is expecting baby early September this year and is in the NHS, maternity leave for 1 year she will 100% be returning to work full time.
-We have a dual income of £91,000 (I ave various incomes on the side which cant be factored for mortgage purposes)
-No credit card debt, great credit scores both over 990 on experian, very frugal spenders hence why we have been able to whack mortgage down so much.
My questions:
When would the best time be to move to get the max mortgage amount? As there will be a dependent, childcare costs and maternity leave reduced pay. Not sure how lenders see this. Is it best to move asap or move after child has been born or my wife goes back to work?
What is a rough expected amount we could expect to borrow? (Im reluctant to move from HSBC but obviosuly will do if it really benefits us, they are generally the best deals in the market, have our history which can only be beneficial and as far as my research looks they look the most lenient on potential borrowing (maybe 5x 91,000, so around £450,000.
What should I look to have as liquid cash for the move, 50k? Or should I just whack loads more into the mortgage given there isnt really anything decent to invest in at the moment?
I have done a few basic mortgage searches on MSE and other comparison sites and various research on pregnancy affects on mortgage but havent seen anything specific to our situation. All thoughts and views appreciated thankyou
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards