Getting a mortgage while on maternity leave
Having a baby is an exciting time. For many, this can mean moving home to get more space.
If you’re looking to move while pregnant or with a child in tow, you may be wondering how this can affect applying for a mortgage.
It is possible to get a mortgage while on maternity leave or parental leave. But your lender may ask to see more details on your income once you return to work.
A lender will want to know about any changes you plan to make when you’re working again, for example if you take reduced hours or go part-time.
While you’re on maternity or parental leave, you’ll want to know that you can afford to repay the mortgage. Work out a new budget, taking into account any reduction in pay to understand this.