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Getting a new mortgage while on maternity leave

(7 Posts)
CalamityJ Thu 20-Jun-13 18:54:58

I'm sure lots of people on MN have this issue but I'm totally confused as to how we're going to remortgage. I've not spoken to my employers officially about what days I'm going to do (DD is 15 weeks) I've not got childcare sorted for when I go back (she's 15 weeks FFS! Gimme a chance!) and with pension contributions I'm not really sure what I'm going to get paid net for the next 4 months. How on earth do I get all that mess sorted before the end of July? My employer is going through a restructure with my post regraded and I won't know the outcome of that, or officially be slotted in till middle of July. Don't want to have the full time/part time conversation before then incase it impacts on those decisions. I need to get a term time only childminder (DH will be a teacher) which is as difficult to find as a communist reader of the Daily Hate Mail. And my HR department is useless, not even able to tell me my maternity pay gross & net (but not including pension contributions) until I went on maternity leave (wouldn't rather than couldn't but still). HELP!

Rockchick1984 Thu 20-Jun-13 22:38:55

Are you moving house? If you're just getting to the end of your mortgage deal you can simply roll off that onto SVR and sort out the remortgage once you are back at work. Alternatively is DH's income high enough to support the remortgage without your income?

CalamityJ Fri 21-Jun-13 20:05:26

Just remortgaging. Problem is DH is off to do a PGCE and will have no income for a year. Our lenders SVR is 5.49% so our payments would go up just at the time we need them to go down. We have a large savings pot to offset so could halve our current payments if only we could switch to an offset and of course our existing lender doesn't do an offset! Such a complicated situation and very time limited as he will start his course in September.

bettybyebye Sun 23-Jun-13 23:13:49

I feel your pain! We are currently trying to get a new mortgage to move house whilst I'm on mat leave and it's been a right royal pain in the arse! And we still don't know if it's been approved!

Have you thought about using a whole of market broker? They tend to know who is likely to lend in more unusual circumstances and could save you a lot of time. We used London and country as they came recommended by Martin Lewis.

If it helps I had to provide the following:
- last 3 months payslips
- payslip from before commencing maternity leave
- letter from employer confirming return to work date
- email confirmation that I would be returning on the same Ts&cs
- confirmation as to whether any childcare costs will be incurred following return to work
- evidence of savings with which to pay the mortgage during maternity leave

In your situation I would just state for these purposes that you will be going back on the same Ts&cs, and get your hr dept to provide that confirmation now, you can always put in a part time/flexi working request at a later date.

Hth!

CalamityJ Wed 26-Jun-13 18:11:57

Thanks betty. Spoke to London and Country and they've recommended one which strips out lots of hassle (not include child care, not worry about DH probation period, not worry about mat leave only what I'm returning to) so much less stressed thanks!

mummytopoppy1 Thu 27-Jun-13 20:37:49

We just got a new mortgage with me on mat leave about 3 months ago. It was with the Nationwide, and they were happy with payslips from before commencing mat leave, and a letter from employer with my return to work date and salary on return. Sounds potentially do-able for you, even if you have to wait until mid-July when you will know your salary on your return.

I am also a teacher and managed to find a term time only childminder with a lot less hassle than I anticipated. Even though no-one advertised themselves as such, I asked anyway and 2 of the 3 CMs I met were happy to do a term-time only contract. Just ask, you might be as pleasantly surprised as I was. :-)

CalamityJ Fri 28-Jun-13 22:08:42

Hope so Mummytopoppy cms are like gold dust round here it would seem but I only needed my last month's paycheque for the mortgage L&C have sorted for me which is handy. Still need to sort my hours but should be able to do that in the next week or two.

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