We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Moving house/maternity leave/self-cert mortgage - help!
Cycling_Jen
Posts: 3 Newbie
I could do with some advice. My husband and I are planning to move house in the next few months, but there are two complications.
First, I am six months pregnant and will be starting maternity leave in the near future. Does this mean that mortgage lenders will take the drop in my salary into consideration when deciding how much to lend? We are not looking for more than 75% loan to value and my employer offers a good maternity leave package with more or less full pay for six months, followed by the SMS period of three months at £114 pw and a further unpaid three months, which I intend to take. I intend to return to work afterwards but obviously I can't prove this to a mortgage lender.
Secondly, my husband is self-employed and unable to satisfy most lenders' criteria for proof of income (i.e. no audited accounts). As I am the higher earner, we were planning to make a sole application based on my income alone, but would we be better off taking out a self-cert mortgage? Could my income be taken into consideration for this as I am employed, or would it be based solely on his income?
Contemplating using a mortgage adviser but don't want to dent my pride as I have always managed to do the research and make the decisions myself!
Has anyone been in a similar situation?
First, I am six months pregnant and will be starting maternity leave in the near future. Does this mean that mortgage lenders will take the drop in my salary into consideration when deciding how much to lend? We are not looking for more than 75% loan to value and my employer offers a good maternity leave package with more or less full pay for six months, followed by the SMS period of three months at £114 pw and a further unpaid three months, which I intend to take. I intend to return to work afterwards but obviously I can't prove this to a mortgage lender.
Secondly, my husband is self-employed and unable to satisfy most lenders' criteria for proof of income (i.e. no audited accounts). As I am the higher earner, we were planning to make a sole application based on my income alone, but would we be better off taking out a self-cert mortgage? Could my income be taken into consideration for this as I am employed, or would it be based solely on his income?
Contemplating using a mortgage adviser but don't want to dent my pride as I have always managed to do the research and make the decisions myself!
Has anyone been in a similar situation?
0
Comments
-
Cycling_Jen wrote: »Contemplating using a mortgage adviser but don't want to dent my pride as I have always managed to do the research and make the decisions myself!
Save your pride for a more appropriate situation.
You are making a major financial decision involving hundreds of thousands of pounds - it makes sense to use the services of a professional. Go for an independent whole of market broker (see Martin's guide.)poppy100 -
How much is it you'd like to borrow and what are each of your incomes?0
-
Cycling_Jen wrote: »
Secondly, my husband is self-employed and unable to satisfy most lenders' criteria for proof of income (i.e. no audited accounts).
Does he do his own self assessment - if so, then that is fine as well.
How many years has he been self employed?
A letter from you confirming you will be going back to work after maternity period has finished, will also be fine with a lot of lendersI am a Mortgage AdviserYou 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards