2nd mortgage while on mat leave

[HolyDrinker]

DH and I are discussing extending our home and seeking a second mortgage to do so. I am currently on mat leave (4 months in) and plan on taking another 20 months off - work is fine with this although will be unpaid from 9 months. We have saved up enough to finance this.

So we'd like to apply for a second mortgage during the unpaid segment of my mat leave. We will be able to afford the repayments on DH's salary and from our savings, until I start back at work when our baby is 2. We have no other debts aside from our current mortgage and our credit histories are good.

My question is whether we would be likely to be approved for a mortgage whilst I'm on mat leave. I know we'd have no problem if I was working, and we can prove we have sufficient savings to cover it. But technically I'd have no proof of income.

You would need to be able to afford it based on income only, not savings so if DH's salary is high enough then you will be fine. If not then you are unlikely to be approved for it, sorry.

Rockchick has it spot on. You will be assessed on income and the multiples that the mortgage company apply. They will not take savings into account.

That's annoying. Guess we'll have to wait until I'm back at work then.

Thank you both though.