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  • FIRST POST
    • CMQ
    • By CMQ 12th Mar 18, 3:49 PM
    • 5Posts
    • 1Thanks
    CMQ
    Mortgage and maternity leave
    • #1
    • 12th Mar 18, 3:49 PM
    Mortgage and maternity leave 12th Mar 18 at 3:49 PM
    Hi all. Just after a bit of advice. My husband and I are relocating this year, he can transfer with Work but I canít (which presents a whole other logistical nightmare!).

    Iím currently on mat leave which ends in October. Full pay 6m, stat pay 3 and nothing the remaining 3 (though would consider returning after 9m). So when applying for mortgages, would a lender disregard me even though I would have employment when we moved? I guess they couldnít work on the promise of that? Really confused as although my part time salary isnít much it of course gives us a slightly bigger budget which is a necessity with the destination.
    Thanks in advance and sorry for ramble.
Page 1
    • ACG
    • By ACG 12th Mar 18, 3:54 PM
    • 16,838 Posts
    • 8,784 Thanks
    ACG
    • #2
    • 12th Mar 18, 3:54 PM
    • #2
    • 12th Mar 18, 3:54 PM
    Lenders need evidence of an income.
    As you are on maternity, they would want a letter from your employer confirming when you will return and on what basis (ie part time/full time) and what your income will be when you do return.

    They will not take into account a job that you do not have and can not evidence.
    I am a Mortgage Adviser
    You 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.
    • CMQ
    • By CMQ 12th Mar 18, 4:26 PM
    • 5 Posts
    • 1 Thanks
    CMQ
    • #3
    • 12th Mar 18, 4:26 PM
    • #3
    • 12th Mar 18, 4:26 PM
    Thanks. Frustratingly I canít provide letter as my employer knows Iím planning on leaving, albeit this might be after Iím due back at Work dependent on house sale. So guess will have to play it by ear.
    • Thrugelmir
    • By Thrugelmir 12th Mar 18, 4:34 PM
    • 58,490 Posts
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    Thrugelmir
    • #4
    • 12th Mar 18, 4:34 PM
    • #4
    • 12th Mar 18, 4:34 PM
    If you buying in a different locality. Then your declaring your existing employment on the mortgage application form is paramount to fraud. Not an advisable course of action.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • CMQ
    • By CMQ 12th Mar 18, 5:24 PM
    • 5 Posts
    • 1 Thanks
    CMQ
    • #5
    • 12th Mar 18, 5:24 PM
    • #5
    • 12th Mar 18, 5:24 PM
    I think you mean tantamount to fraud - I was not suggesting committing fraud but thanks for your reply.
    • John-K
    • By John-K 12th Mar 18, 6:35 PM
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    John-K
    • #6
    • 12th Mar 18, 6:35 PM
    • #6
    • 12th Mar 18, 6:35 PM
    Thanks. Frustratingly I can!!!8217;t provide letter as my employer knows I!!!8217;m planning on leaving, albeit this might be after I!!!8217;m due back at Work dependent on house sale. So guess will have to play it by ear.
    Originally posted by CMQ
    To be clear, you cannot provide the letter as you are leaving. You write as though it would be an option to provide it if your employer did not know.

    You write that your part time salary improves your affordability, but it only does that if it is a job in your new location, so although you saying you would not commit fraud, it would only help affordability if you did.
    Last edited by John-K; 12-03-2018 at 6:38 PM.
    • CMQ
    • By CMQ 12th Mar 18, 6:42 PM
    • 5 Posts
    • 1 Thanks
    CMQ
    • #7
    • 12th Mar 18, 6:42 PM
    • #7
    • 12th Mar 18, 6:42 PM
    Sorry yes I see your point. No confirmed income when I move even if I am back at work before the house sells.
    • enthusiasticsaver
    • By enthusiasticsaver 12th Mar 18, 6:54 PM
    • 6,400 Posts
    • 13,162 Thanks
    enthusiasticsaver
    • #8
    • 12th Mar 18, 6:54 PM
    • #8
    • 12th Mar 18, 6:54 PM
    Yes, your salary will be disregarded if you are on maternity leave and have no proof of income or job when you return. Not advisable to take out too large a mortgage when you do not know if you have a job to go to in your new locality. Can you rent initially until you find work?
    Debt free and mortgage free and early retiree. Living the dream

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    • Thrugelmir
    • By Thrugelmir 12th Mar 18, 7:01 PM
    • 58,490 Posts
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    Thrugelmir
    • #9
    • 12th Mar 18, 7:01 PM
    • #9
    • 12th Mar 18, 7:01 PM
    I think you mean tantamount to fraud - I was not suggesting committing fraud but thanks for your reply.
    Originally posted by CMQ
    Paramount = Materially.

    Frustratingly I canít provide letter as my employer knows Iím planning on leaving,
    Fraud takes many forms.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • CMQ
    • By CMQ 12th Mar 18, 7:04 PM
    • 5 Posts
    • 1 Thanks
    CMQ
    This I think will be the best option unfortunately but a means to an end at least. Thanks for your reply.
    • ViolaLass
    • By ViolaLass 12th Mar 18, 7:36 PM
    • 5,356 Posts
    • 7,403 Thanks
    ViolaLass
    Can't you use some of the maternity leave to job hunt in the new area?
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