I was hoping for some advice on mortgages and new motherhood!
I am a single mum to an 8 month old son (only child). I have a stable job with the government for the last 8 years, and am in month 9 of 12 of maternity leave (going back in February). We currently live in a shared ownership flat: I own 1/4 of the flat, which I have had for 8 years as well, so have a smallish mortgage. I have never missed a mortgage, bill or rent payment in that time so have a perfect credit score. However I am looking to go down to 4 days a week when I go back to work, so my income will be reduced whilst I will have to meet nursery fees at least 2/3 days a week.
I am looking to move to a larger house in an area near my family, probably buying a property with around the same value as my current flat but obviously a larger mortgage, although with my current equity and some help from family I should be around 50% LTV.
My question is:
- would it be better to start looking around at houses and seeking to get a mortgage after I have already gone back to work and van demonstrate an ability to manage my finances on my new income (ie 3 months bank statements etc); or
- with all the above factors, is it not likely to make much difference with obtaining a mortgage?