You’re probably wondering can I get a mortgage on maternity leave?
The answer is, YES, you can get a mortgage on maternity leave!
Are you looking to buy your first family home whilst on maternity leave?
Do you need a bigger house to accommodate your growing family whilst on maternity leave?
Is your current mortgage rate coming to an end whilst on maternity leave?
Mortgage lenders can’t discriminate you for being pregnant/on maternity/paternity leave.
Like with any mortgage, your lender will need to make sure that you can afford the mortgage payments.
Lenders will look at your income and outgoings during and after maternity leave.
You may need to give your lender more information about your finances.
This includes:
- Your salary before you went on maternity leave
- Evidence of income during your leave
- Your return-to-work date
- If your employment situation is going to change, i.e. reducing hours from full time to part time
- Evidence from your employer to confirm your income when you return
- Any extra outgoings, i,e. childcare costs (research Tax-Free Childcare www.gov.uk/tax-free-childcare to see how this will help financially)
- Some lenders ask for proof of savings to cover the shortfall
Joint mortgages on maternity leave
- If you and your partner are applying for a joint mortgage, you may be able to get your application approved on their salary alone
Self-employed mortgages on maternity leave
- Being self-employed may affect your mortgage application
- It will depend on if you will still have an income while you’re on leave
- If your income drops dramatically or stops completely, this will likely affect your application
Government Maternity Allowance
- Maternity Allowance is a payment you can get when you take time off to have a baby
- It’s for people who are unable to get Statutory Maternity Pay (SMP) or are self-employed
- This may also be of aid, as lenders will usually take this into account
For more information about Government Maternity Allowance visit: www.gov.uk/maternity-allowance
Contact us for support on how get a mortgage on maternity leave
If you’d like to discuss applying for a mortgage whilst on maternity leave in more detail, simply get in touch and we’ll be happy to offer advice and support you every step of the way.
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Your property may be repossessed if you don’t keep up with your repayments on your mortgage.