Getting a mortgage when pregnant

Snickers

Hi all

My husband and I are hoping to buy our own place this year and have just found out that I'm pregnant :j however, obviously this will have an impact on how much we can borrow

we were only going to get a mortgage that hubb would be able to cover on his own wages anyway, but it just struck us last night that we were going to be applying on both of our wages - obviously mine will be drastically reduced while on maternity leave

any advice please?

sarkin

I would wait 6 months as prices are on the slide.

Snickers

hmm..might not be a real option as we're in rented accommodation with not a lot of space at the moment..

betti911

Have you got a deposit? Would it not be better to rent until you are able to save for a deposit. That means that you could save, wait for a better mortgage deal and watch to see how the market is going at the same time?

Snickers

yeah we've got a deposit - a fairly hefty one as well

we weren't expecting me to fall pregnant as quickly as I did

Foolishbean

I'm afraid i don't have any advice, but I am in almost the same boat.

We're currently living with a friend and had plans to buy his house at the end of the year, something which would require both of our wages and a healthy "advance" on inheritance from both of our parents as a deposit. On top of that, my Fiance starts a new job Monday (Occupational Thearapist) with the NHS.

So as happy as we are to discover we are pregnant it looks like it's going to throw a spanner in the works as far as our house buying plans go! Not to mention elongate our engagement!!

Does anyone know how the NHS maternety system works? Particularly for staff who have not been with the NHS for 6 months yet (will have been by the time baby is born) We're assuming you get statutory no matter how long you've worked there? (assuming with fingers crossed tightly!)

Renting is very difficult too as we have 2 dogs and rental properties are not friendly towards animals! Everywhere is either "no dogs" or FAR more expensive.

We can't live with our current landlord/friend/housemate when the baby is born as the house is not even really big enough for the 3 of us and our 3 dogs as it is! Plus to be honest, with him being a farmer (mucky) it's by no means a suitable environment for our bundle of joy.

My wages are pitiful, fingers crossed for good news at pay rise time but last years was rubbish (less than inflation!) and the economy should ruin any chance of luck this year. Obviously depending on how the NHS maternity system works we could see quite a drop in my other halfs wages too!

So we're a little worried to say the least. However it would take far more than money worries to spoil the joy of expecting our first child! Just want to make sure we have a home to bring him/her up in.

Also - do mortgage's go by how long you've been at your current job? Or just how long you've been in permanent employed for? I've been in the same job for nearly 5 years and my fiance was at her previous job for about the same, however obviously now she will have only just started!

Eiiiik!

Fliss_M

It shouldnt effect your mortgage application. When we did ours (al be it b4 the recession) nobody ever asked R U PG? Its up to you to make sure you can afford the mortgage. By the sounds of it your currently planning to return to work so its not like your wanting to use a wage in the mortgage you know full well wont be there in 9 months. Your wage will stand for the next 18 months even if you dont go back. Am sure it will be fine.

Oh and dispite what others say, I understand your need to buy now. You want to start setting up home. Heck, we had lived in our house 18 months when I got pg and the room still wasnt ready till 3 months before she arrived. The last thing you want in the final trimester when your big and bloated is trying to move house and get the room ready!

RavingMad

My wife was 4 months pregnant when we re-mortgaged and as Fliss M said, we didn't have to mention it. I knew that we'd manage fine on the reduced pay so it really wasn't an issue for us.

Good luck with the pregnancy

TEDDYRUKSPIN

Does not affect a mortgage at all. Just make sure that if you do buy and you work, Statutory Maternity Pay is rubbish. So factor that in!

thriftymomma

Get applying now and don't mention it. Good luck finding a house and with your new baby.

mumof2girls_2

I was on SMP when I remortgaged, it wasnt an issue as it was only a temporary reduction, they just contacted my employer for verification of "normal" salary.