Mortgages – Maternity Leave or Shared Parental Leave – Cambridge Mortgage Broker Maternity Mortgage Mat Leave Mortgage
February 6th, 2017
Yes it is possible however you may be asked to prove to the lender that you intend to return to employment when you finish your maternity/shared parental leave to pass the lender’s affordability criteria with an expected income and number of hours that you plan to work. Some lenders base their affordability checks on your maternity/shared parental leave income and others will base it on your return to work income. When your proof of income documents are submitted to the lender to verify your income, your payslips may state that you are receiving maternity or shared parental leave pay.
In addition, lenders will need to know if you do intend to return to work, how you plan to fund childcare for your child(ren), i.e. grandparents, working from home or working around your partner or if you plan to use a childmind or nursery costs. As this a regular outgoing from your total income, this will brought into consideration into how much you will be able to borrow.
For any queries that you may have involving maternity or shared parental leave and acquiring a mortgage, please call us today!