Remortgage with additional borrowing & Mat Leave

Unrequited

Hi all,

Hoping for some advice as there is every chance I'm overthinking, or missing something obvious.

Our 2 year fix is coming to an end in April, initial plan was to just take a new rate with our current provider as they were reasonably competitive and my wife will be on maternity leave from April so saves us the stress of a new application.

However in typical fashion we've had a couple of home disasters and need some roof repairs done and a new window fitting. Unfortunately all of our home improvements savings had been spent and what we have left is our emergency fund to cover maternity so we don't want to touch that.

We have since considered borrowing more from our current lender as our equity has increased significantly, and I have a phone appointment with them tomorrow to discuss it. However I'm now having a few concerns:

1. Will applying for extra borrowing lose us the product switch we already have secured?
2. I would ofcourse flag my wife's impending maternity leave, should we not meet affordability would they then take into account my wife's maternity when it comes to the product switch/remortgage with them?

Ultimately I guess my question is should I just take the product switch and find another means of funding the repairs, or will I be ok to explore further borrowing with our lender and fall back on our product switch offer if it's a no go?

Thanks all!

silvercar

I once asked a mortgage broker on here, when they first heard about client’s pregnancies, they said more often than not it was when they remortgaged 2-5 years later and the dependents included a child!

Given that your wife can’t possibly be sure of when she will return to work and there is the possibility that she could return to full time work as soon as her maternity period ends, I would be inclined to not mention it at this point.