Mortgage, maternity leave and agreement in principle

oz0707

Hi All. Family member of mine interested in getting a mortgage and buying a house. Current situation is towards the end of 1yr maternity leave going back to a job of nearly 20 years for a big company in March. The deposit level will be quite large anything up to 60% of purchase price but realistically probably use a lower LTV and hold some cash back depending on rates offered etc

Practically the mortgage/purchase would never complete before any purchase could be completed with the return being in March. How would she go about getting and Agreement in principle online using her normal employment figures? Do the online calculators/forms take this into consideration or are their certain lenders to use/avoid for this purpose? The main objective at this stage is to get an agreement in principle to present with an offer so it has a good chance of being accepted. Hence any lender will do at this stage with minimum commitment. Details and final choice of lender could be done post offer acceptance.

Thanks!

ACG

Most lenders will want a letter from your employer confirming when you will be returning to work and on what terms (ie full time, part time, your pay etc). 

Other things might be requested too, but in the main that is the one they will use to determine your income. The other bits are just minor. 

If your in any doubt/worried/concerned etc, speak to a broker and let them deal with it for you. 

amnblog

Getting an agreement in principle online just to get an agreement in principle is not a smart idea.

Use a Broker, have them identify a Lender and obtain an AIP, all will be smooth.

oz0707

Whats the best way to get agreement in principle online though? Just fill out the form with your regular employment details?

oz0707

amnblog said:

Getting an agreement in principle online just to get an agreement in principle is not a smart idea.

Use a Broker, have them identify a Lender and obtain an AIP, all will be smooth.

Whats wrong with doing this? Effect credit score?

kingstreet

There is no "one size fits all" for this.

In most cases you would enter the details as they will apply from the return to work date, making an allowance for childcare costs, if there will be any.

However, we don't know the policy of your chosen lender.