First time mortgage on maternity leave?

[BuffaloCauliflower]

Hi MN,

I wondered if anyone has any advice on getting a first time mortgage whilst on maternity leave? DH and I are currently saving for a deposit, and should have enough by the end of the year, hoping to buy first couple of months of 2021s We’re also TTC, so there’s a chance if that goes quickly (not looking amazingly likely right now!) so we might be trying to buy whilst I’m on maternity, or at least pregnant.

We’d want to borrow less than the top the mortgage calculators suggest we could get, and I’ve tried doing a calculator including a dependent, and a projection of what I would potentially earning working part time/paying childminder, and we still fall into the right affordability bracket - though I probably wouldn’t say I was going part time - but not sure how they consider you on maternity.

Does anyone have any wisdom? Thanks

Gosh there’s a lot of typos in there!

Hopeful bump?

We did this - they wanted confirmation from me that I was going back to work, and an estimate of what our childcare costs would be.

We had a broker - really worthwhile in this situation, as they will know which banks are more 'mat leave friendly', and can test the water re lenders' specific requirements without disclosing your details.

I’m about to go on mat leave and we’re moving, increasing the mortgage considerably. Both HSBC and nationwide have said they will accept my mat pay as I have a permanent contract.

That’s great thanks both.

Most lenders will accept your normal pay rather than maternity pay, but you will need to provide information about your expected return date, childcare costs and confirm you will be returning to the same job, same salary and same hours.