Baby born - declare to mortgage company?

[EssexMan55]

Hi

we had a mortgage application approved some months ago. We told the broker my wife was pregnant.

we are about to exchange and the baby was born a few days ago. The conveyancer has warned us that mortgage companies fo additional checks between exchange and completion and may withdraw the offer if they find something has changed.

given we declared the pregnancy to the broker, and presumably they told the mortgage company, does the birth count as change in circumstances that we must declare?

Thanks!

I don’t think you need to declare that, as you’d already told them a baby was on the way. They’re interested in changes they didn’t anticipate which affect your ability to repay - they’ve already taken maternity leave etc into account.

congratulations on the baby!

Absolutely no need. Congratulations!

Absolutely not. Tell them nothing.
I worked for Halifax mortgage customer service and never ever do they do a credit check prior to completion. The only thing that would make the mortgage company do another credit check, is if something was changed from the original AIP or mortgage offer, Change of borrowing amount, change of address. Ect.

I shouldn’t have thought so. We are asked if there are any changes to the residents of the house when we renew our insurance policy annually so we disclosed the arrivals of our children then to the insurer but I can’t see it affecting your mortgage offer.

No, you do not need to

No, don't tell them, they don't need to know

Nope. We recently applied for a new mortgage and our MA asked "do you have any children", knowing full well I am currently 8 months pregnant with our first". We said no, as technically we don't, and he agreed. Baby will be born by the time we decide to proceed with new mortgage but we won't be sharing that particular change in circumstance. I'll take my chances.

Definitely not. I wouldn't even tell them about a pregnancy.

New financial dependent. Assume mother on maternity leave? Was mother on maternity leave at the point of application?

As long as the babies credit score is okay you should be fine

(Congratulations!)

Yes, mother on maternity leave on full pay currently. Obviously she was not at point of application, but they must have been aware she would go on leave once baby arrived!

Agree but if they did not declare it on mortgage application then technically not telling them now is mortgage fraud.

I'm not trying to frighten you but it is a material change to your circumstances and you should declare it. Some lenders are very iffy about families having just had a baby and specifically whether there is a planned return to work date, whether that would be under the 'pre maternity contract' and also most want to know how you intend on supporting yourself whilst on mat/pat leave.

Believe me it is draconian but I don't want you to not know the facts.

@Toooldtoworry

Read the OP, she told them she was pregnant.

Often there's a question about if you expect your financial situation to change. So long as that was answered correctly then it shouldn't be an issue.

Yes mortgage adviser asked that and the answer was pregnancy.

No need to tell them but tell your car insurer and home insurance.

And the OP needs to check with the adviser that they declared that in the application because if it wasn't it needs telling now.

I'm not saying it's the OPs fault. I'm telling you how lenders view it from someone who has worked in this field for over 20 years.

As long as mortgage adviser declared it on original application there is nothing else you need to do.

Broker says pregnancy was declared as one child dependent, so all good.

it’s a bit dodgy brokers submit applications without people seeing them though? It’s us on the hook if they make a mistake!

I've been broking for years. Trust me when I say as a mortgage adviser if you lie to a lender and commit mortgage fraud there are quite severe consequences.