Remortgage Q - impending parenthood

[RDBx]

The wife and I are looking to remortgage as our two year deal is up in march, circa 55% LTV and healthy incomes, at present. Thing is, we're expecting our first child in July and we're a bit concerned at what the new affordability criteria will have on what lenders will offer us. We're assuming we'll need to declare this as it'll affect our future finances.

My wife will be on 6 months full pay, possibly nearer 7 with leave, then statutory. No firm idea from then on whether she'll go back part or full time.

Has anyone had any experience of what the effect may be?

Edited by RDBx on Thursday 15th January 13:58

[Sarnie]

They will stress test the application to see if your income alone can support the mortgage (using their criteria, not yours) on the assumption that in a worst case scenario, your wife decides not to return to work at all.

This is the exact sort of scenario that MMR was brought in for last April.....

[RDBx]

Cheers, though that'd be the case and as to what this means £ wise, I guess I'll have to find out via the approvals process. In my head our numbers are good, which as expected probably counts for nothing.

Don't think I'm going to enjoy this.

Edited by RDBx on Thursday 15th January 14:00

[Sarnie]

RDBx said:

Cheers, though that'd be the case and as to what this means £ wise, I guess I'll have to find out via the approvals process. In my head our numbers are good, which as expected probably counts for nothing.

Don't think I'm going to enjoy this.

Edited by RDBx on Thursday 15th January 14:00

Drop me a line if you run into any problems, it's not a good idea to be submitting applications to lenders blindly....

[RDBx]

Many thanks, going to hit Google again then will have a conversation with our current lender to see we're likely to sit.