Does becoming a parent limit my chances...

GSCSwad

of getting a mortgage?

I ask this because we will loose my wife's salary in July and if we havent sold our house by then I will start to get a little worried.

This must be the case for thousands of parents, so I am assuming there are ways around this.

JoJoArmani

Hi

Were you thinking of Part-Exing? Remember your name...

I am on maternity leave. We have managed to get a mortgage. My partner is on a very low wage (think the lender allowed us to borrow 4 times his income). We have tax credits - which some lenders class as income - others don't. Our lender will only lend us £3k based on tax credits.

I have had to provide evidence of my salary for when I intend to return to work - along with copies of my maternity allowance etc.

But we are lucky in that we only needed to borrow £43k.

Good luck.

JoJo

GSCSwad

Yes, I was looking a part exchanging but have been told by the builder that they wont be making an offer on our house. They couldnt tell me why.

Although from what you say it does provide some hope but not allot as we are looking to borrow £155k.

JoJoArmani

I guess it depends on your salaries. If you earn enough you could get the mortgage based on your salary alone. Or you could ask your current lender if they will accept tax credits as income...

Best best would be to see a broker - see what they say.

Good luck!!