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remortgage while on maternity leave

(9 Posts)
devonsmummy Tue 31-Jul-07 22:33:14

Our fixed rate deal comes to an end soon - I'm worried that my salary won't count if i'm still on unpaid maternity leave.
What if I don't go back to work - would we still be able to remortgage with just DH's salary ( we need to borrow around 4 times his annual salary)would they take into account the fact we have managed to pay the mortgage on just one salary????????

MegBusset Tue 31-Jul-07 22:39:54

I have just arranged a remortgage and it was no problem -- mentioned that I was on mat leave on phone when arranging and the girl said they may ask for expected return to work date, but they never did and mortgage was approved without them asking for any more info. TBH if you are not borrowing extra cash and have paid on time so far, and presumably have equity in your house so they could make back their money if you defaulted, I don't think they will be too bothered about chasing up more info IYSWIM.

BigGitDad Tue 31-Jul-07 22:41:38

You can ask your current lender what they will offer you and do not mention the fact that you are on maternity leave, chances are they will switch the rate for you. If not see a broker who will be able to sort something out for you. Generally on most application forms they do not ask if you are on maternity leave.

MegBusset Tue 31-Jul-07 22:42:26

Forgot to say that we are also borrowing more money as moving to bigger place. So I'm sure your situation will be OK.

silkcushion Tue 31-Jul-07 22:45:35

Devon

I work in banking and 4x salary is quite common now with most lenders. Good luck

devonsmummy Tue 31-Jul-07 22:48:13

thanks everyone for replies - will be able to sleep now (DS permitting!)

melrose Tue 31-Jul-07 22:51:20

We did this as moved whilst I was pregnant, I had to provide a letter saying how much I was paid on mat leavea nd how we would cover the time i was unpaid, they did not ask for any proof though. I just said would be paid xx for x weks and would return to work in March. said the mortgage would be covered by savings of £xx in the unpaid bit

LilyLoo Wed 01-Aug-07 16:49:33

devonsmummy if you want any advice my dp can help here http://firstforfinance.net/ if it's a remortgage there is no fee for his advice they get paid off the lender and they can access some different deals that aren't available on the high street.

Mumpbump Wed 01-Aug-07 16:51:23

Depends which lender it is. We wanted to do an equity release and they wouldn't let us as they said my salary wouldn't count until I actually went back to work. That was HSBC.

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