FTB with pregnant wife

Moneymoggy

Hi, me and my wife jointly earn just over 90k, and have a deposit available of 50k, we’re looking at buying a house around 300k (just researching at the minute, no AIP) and we have just found out we’re expecting our first child. Very early days, due date in August. We were looking at moving when our rental agreement ends which is June (timing I know right!). Main question is do we withhold a part of our available deposit to cover the maternity period for mortgage repayments? I will still be working full time and bring in about 60% of our joint wage. No debts apart from a student loan and car on PCP, both my wife’s. Any advice is greatly appreciated we are completely new to the house buying market!

ACG

Congratulations. When we bought our current house, my Mrs gave birth on the Thursday (I had to take her to hospital to have the baby and then leave her there to carry on packing) as we moved house the following day, I would not recommend it. Although I do get to say she managed to get out of packing.

A lot depends on when you plan on moving - ie before or after mat leave starts. It might crop up on how you will cover your costs on lower pay, but you are not exactly stretching yourselves so it might be ok regardless. 

As an idea you could probably get a mortgage of £360k quite comfortably so £250k leaves quite a bit of breathing space. I think you will be fine. 

They might be more concerned with longer term expectations - ie returning to work, when and in what capacity/pay. 

Moneymoggy

ACG said:

Congratulations. When we bought our current house, my Mrs gave birth on the Thursday (I had to take her to hospital to have the baby and then leave her there to carry on packing) as we moved house the following day, I would not recommend it. Although I do get to say she managed to get out of packing.

A lot depends on when you plan on moving - ie before or after mat leave starts. It might crop up on how you will cover your costs on lower pay, but you are not exactly stretching yourselves so it might be ok regardless. 

As an idea you could probably get a mortgage of £360k quite comfortably so £250k leaves quite a bit of breathing space. I think you will be fine. 

They might be more concerned with longer term expectations - ie returning to work, when and in what capacity/pay. 

Thanks! Not going to lie that is the situation I have running through my head. I’m sure it will be busy but we’ll get through it. Yeah every mortgage calculator has said around £360k so we will be borrowing much below that, just need rates to go down first. My wife is planning on going back to work, she teaches so can also do part time in some capacity but we will have to figure it out in due time. Thanks for the reply 😁