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Mortgage approval and unoaid mat leave?

(5 Posts)
lcoc2015 Tue 26-Jan-16 20:07:17

Hi there,

Myself and my partner would like to apply for a mortgage in 6 months. I am the primary worker (90k) euro and my husband is on invalidity oension due to chronic illness (about 10k euro per year). We will have about 100k deposit as gift from my father and can demonstrate we are paying rent of 1200 plus saving 1000 a month on top of that so should pass atress testing for a mortgage of 300k euro (about 1500 per month)

However for two months of this year i want to take unpaid maternity leave . So there will be no income, savings and the two months will cost us about 4k.

My question is if i should delay the mortgage application for approval for a six month period where there is no unpaid leave i.e. does it look a bit irresposible financially to do this - is it something we should be hiding from the banks? As an aside this is my second child and we wont be having any more. My husband can do sahd with a small amount of support from family and our local childminder when needed ao it wont be an ongoing cost for us....

Sorry bit of any essay there! Would appreciate any advice...

unimaginativename13 Tue 26-Jan-16 20:10:29

When do you want to apply for the mortgage?

How far along are you?

I would say surely if you have the mortgage, it's not if their business how you pay it later in the year. I wouldn't disclose the unpaid bit!

lcoc2015 Tue 26-Jan-16 20:46:59

Baby is here and i'm on paid maternity leave til May. May and June will be unpaid mat leave, i'll be back to work in July.

We've just set up joint bank accounts etc this month and also started saving properly so i feel i can only use statements from now on. I'll need six months of bank account statements showing very good fiscal behaviour for the application. Unfortunately this will overlap with my unapid mat leave. Maybe i just need to accept that we wont be ready to apply til jan '17.

unimaginativename13 Tue 26-Jan-16 20:50:38

I don't think it matters!

Your going to prove that you've planned for the 2 months with no income and can pay the rent from savings.

This would only come up again if you have another baby in which you can either lie, if asked, or not take the unpaid bit.

lcoc2015 Tue 26-Jan-16 21:18:28

Oh really thats good news, ok well we'll aim to put the application in for sept so i can show i'm back at work and we're not incurring extra childcare costs. Hopefully we'll get approved, prices in the area we want to live are on the rise...

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