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Mortgage application while on sick leave
alb1
Posts: 83 Forumite
Has anyone bought a property (with a mortgage) while on sick leave, and have they had any issues with getting a mortgage as a result?
I'm currently 6 weeks into 8 weeks of sick leave and have just agreed to buy my first property. I've spoken with my broker this morning and raised the issue to ensure that he knows about my situation from the off, but he said he'd never come across this before. I'm looking at about 65% LTV so he doesn't think it'll be too much of a problem, as even with a phased return I should be back doing full time hours before I hope to complete. I've been on full pay so far and will have a few days of SSP before I go back, then hope to use annual leave to make up the hours for my phased return. I'll also have about £10k savings after completion so he hopes lenders will overlook a few days of SSP, but really he doesn't know as he's not seen this.
Anyone have experience with it?
I'm currently 6 weeks into 8 weeks of sick leave and have just agreed to buy my first property. I've spoken with my broker this morning and raised the issue to ensure that he knows about my situation from the off, but he said he'd never come across this before. I'm looking at about 65% LTV so he doesn't think it'll be too much of a problem, as even with a phased return I should be back doing full time hours before I hope to complete. I've been on full pay so far and will have a few days of SSP before I go back, then hope to use annual leave to make up the hours for my phased return. I'll also have about £10k savings after completion so he hopes lenders will overlook a few days of SSP, but really he doesn't know as he's not seen this.
Anyone have experience with it?
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Comments
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@alb1 When you say week 6 out of 8, does that mean you have a firm return date?
Your broker doesn't need to know every scenario off of the top of his head, he can run the case past a couple of lender BDMs and see what they say.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Most times this has happened with me the lender will request a payslip showing return to work before offering. How can they otherwise see you will ever return to the earnings you are declaring?0
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