WE GOT THE HOUSE YAY

[Markygirl1995]

Is anyone else shared ownership? We’ve been accepted got to go through the financial stage of things before mortgage. Will me being on maternity affect this?? Any advice I’ll take it!

I don’t have any expert advice but my friend has a shared ownership place and I think as a general rule getting shared ownership finances / mortgages can be harder when on maternity leave because most lenders assume your income decreases (and I guess there is no set in stone guarantees you’ll go back to your pre matleave job or salary so they won’t base it off that)

I’d suggest having a chat with an independent mortgage adviser for expert advice and have all the paper work ready to prove your income during May leave (especially if you say get full pay for the period you are taking) and confirmation of your current predicted return to work date.

We purchased a shared ownership house and the financial review / affordability review is pretty brutal.

They will take into account you being on maternity leave and if your income is reduced - they may base your affordability on your reduced income which could potentially mean you fail the affordability review. If you are intending on going back to work, it might be worth requesting a letter from your employer stating what your salary will be once you return. However, sometimes they are fairly worthless as you could obviously say you are returning to work and then decide not to.

I would suggest getting advice from a IFA or mortgage broker. I know for us both working full time with above average wages, it was still fairly though to get through the financial part.

@RedBlu that's the part I'm dreading, we bring home 50,000 but will be bringing home 30,0000 plus maternity I don't think we'll pass unless could we get help with a gift or something??