Remortgaging on maternity leave

chloepeach

Hi,

I am currently due to go onto maternity leave in April 2022 and will be taking a full year off. We are however due to remortgage at the end of May. I am concerned that we will find it difficult to remortgage when I am on maternity leave and would like any advise available. 

We have done a large renovation to our house so have added significant value and will be just be wanting a mortgage for the Same amount we bought the house for. 

Any advise greatly appreciated. 

K_S

@chloepeach As long as you intend to go back full-time on the same pay, the employer is willing to confirm this and your childcare arrangements/costs are factored in, being on mat leave should not by itself stop you from remortgaging with the right lender.

Whether the numbers stack up will of course depend on the specifics. Some lenders might also require sight of the funds to make the mortgage payments while on mat leave.

MWT

chloepeach said:

Hi,

I am currently due to go onto maternity leave in April 2022 and will be taking a full year off. We are however due to remortgage at the end of May. I am concerned that we will find it difficult to remortgage when I am on maternity leave and would like any advise available. 

We have done a large renovation to our house so have added significant value and will be just be wanting a mortgage for the Same amount we bought the house for. 

Any advise greatly appreciated. 

Just to be clear do you actually intend to remortgage with a different lender, or is this just the end of your current fix so you could take a retention product from your current lender?

K_S

MWT said:

chloepeach said:

Hi,

I am currently due to go onto maternity leave in April 2022 and will be taking a full year off. We are however due to remortgage at the end of May. I am concerned that we will find it difficult to remortgage when I am on maternity leave and would like any advise available. 

We have done a large renovation to our house so have added significant value and will be just be wanting a mortgage for the Same amount we bought the house for. 

Any advise greatly appreciated. 

Just to be clear do you actually intend to remortgage with a different lender, or is this just the end of your current fix so you could take a retention product from your current lender?

Perhaps I misunderstood but I read the OP's post as saying that they want to raise capital and not a like for like remo/rate-switch.

MWT

chloepeach said:

We have done a large renovation to our house so have added significant value and will be just be wanting a mortgage for the Same amount we bought the house for.

K_S said:

Perhaps I misunderstood but I read the OP's post as saying that they want to raise capital and not a like for like remo/rate-switch.

You may well be right, if the OP is raising the mortgage to the original full purchase price then it is clearly a remortgage, I just wasn't 100% sure if that is what they were doing...