Moving house whilst on mat leave

[rosecbrm]

Hello, we’re looking at moving house but I’m currently on maternity leave. Current mortgage is with Santander and we’d be looking to port this if possible due to it being on a lower interest rate. Our current house is worth around 320-340k and we have a mortgage of 161k on it. The houses we are looking to buy are around the 400k mark. We would need to take out an additional loan to cover the excess after using the equity on our current home as a deposit.

Has anyone got any experience of this with Santander or any other provider and how it would work being on maternity leave? I am under the impression that I need a letter from my employer confirming my salary and return to work date etc., but just wondered if anyone had any other experience or info.

We are open to the option of switching providers if necessary but our ERPC is 8k so we aren’t sure how that would work or if it’s worth it.

just to add we have a meeting with a mortgage advisor arranged

Thanks!

Following out of interest as in a similar position and our mortgage is also with Santander on a low interest rate and high erc so would want to port. We’re just considering atm. My understanding from a chat with a mortgage advisor off the cuff years ago is bank can’t penalise you on Mat leave but may do extra checks but will wait for someone to come along who hopefully knows.

Hi, Exact same situation we just came to the end of- Currently on mat leave, completed on a house last week with a pre existing Santander mortgage. Porting was super easy, all was sorted by the mortgage broker, as was the mat leave part- I just had to provide 3 months of payslips pre mat leave and no letter from employer was required. Moving with baby in tow (plus toddler) … not as easy 😊 but worth it! Hope that’s helps!

I echo every word of this reply as this was us too!

{mention:Edf}@RossGellersCat that’s amazing thanks! Did you take out an additional loan as well as port your current or just port?

@Edf@RossGellersCati meant to tag you both in my previous reply - not sure what happened!

Very easy to do and we were offered to borrow more (we had around 70% ltv at the time of application). You just need a letter saying you are returning and when/what salary. They will ask you about childcare costs FYI.

Brill, thanks @KingMungBean!

@rosecbrm We borrowed additional money as well 😊