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Mortgage and Materinity
Euripides19
Posts: 20 Forumite
Hi all,
Hoping for some advice. Currently moving home and at the applying for mortgage stage. Thought I'd ask before jumping straight in.
Myself and my wife are homeowners. We are looking to relocate to a different city, so that we are closer to my wife's family. We've sold our house and found one, and our offer has been accepted. However, we had a second baby recently (12 weeks ago), and my wife is currently on maternity and due back in September. With the house move she won't be able to stay in her current job, but will need find work in the new city we're moving to (she's a teacher). I'll continue with my current job, as I have to commute anyway and parts of it are home-working. This means that she won't be able to guarantee to any lender that she will be in employment.
We have no debts, no finance and very strong credit scores. We can afford to live on my salary alone. Applying for a 20% LTV mortgage, so that we have 70k remaining. Renovation costs are likely to cost 35-45k and the remainder used as contingency funds until my wife finds work, at which point, we'll overpay it straight back in to the mortgage).
According to the affordability checker for the bank that came up with competitive rates on the MSE forum, we should be able to borrow using my salary alone. Would it be better to put her down as a dependent, or to try to justify my partner finding work when she moves? Is this likely to make things complicated? What's most likely to get us across the finishing line without as much hassle?
Thanks in advance!
Hoping for some advice. Currently moving home and at the applying for mortgage stage. Thought I'd ask before jumping straight in.
Myself and my wife are homeowners. We are looking to relocate to a different city, so that we are closer to my wife's family. We've sold our house and found one, and our offer has been accepted. However, we had a second baby recently (12 weeks ago), and my wife is currently on maternity and due back in September. With the house move she won't be able to stay in her current job, but will need find work in the new city we're moving to (she's a teacher). I'll continue with my current job, as I have to commute anyway and parts of it are home-working. This means that she won't be able to guarantee to any lender that she will be in employment.
We have no debts, no finance and very strong credit scores. We can afford to live on my salary alone. Applying for a 20% LTV mortgage, so that we have 70k remaining. Renovation costs are likely to cost 35-45k and the remainder used as contingency funds until my wife finds work, at which point, we'll overpay it straight back in to the mortgage).
According to the affordability checker for the bank that came up with competitive rates on the MSE forum, we should be able to borrow using my salary alone. Would it be better to put her down as a dependent, or to try to justify my partner finding work when she moves? Is this likely to make things complicated? What's most likely to get us across the finishing line without as much hassle?
Thanks in advance!
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