mortgage increase with wife in maternity leave
Discussion
Hello all.
I want to move to a larger house but my wife is currently on maternity leave. I have about 60k equity in my house and an outstanding balance of just over 90k to pay off. What are the chances of me being able to increase the mortgage by about 70k using the equity as a deposit for a 210k place. My salary is a measly 25k and my wife earnt about the same before the arrival of our son.
I want to move to a larger house but my wife is currently on maternity leave. I have about 60k equity in my house and an outstanding balance of just over 90k to pay off. What are the chances of me being able to increase the mortgage by about 70k using the equity as a deposit for a 210k place. My salary is a measly 25k and my wife earnt about the same before the arrival of our son.
Sounds tricky to me
I would have thought wanting to borrow 6x a single salary with a wife on maternity will be a hard mortgage to find.
Also on 25K, the mortgage payments will be a reasonable chunk of the take home and they think about affordability now.
Not saying it can't be done but it needs a bit of thinking about.
I'd speak to a local mortgage advisor and see what they say.
Bob
I would have thought wanting to borrow 6x a single salary with a wife on maternity will be a hard mortgage to find.
Also on 25K, the mortgage payments will be a reasonable chunk of the take home and they think about affordability now.
Not saying it can't be done but it needs a bit of thinking about.
I'd speak to a local mortgage advisor and see what they say.
Bob
Wife is a mortgage underwriter for a mainstream bank & it's unlikely you'll get anything off the high street.
You're probably going to have to go down the broker / sub-prime route, but as first reply says; get some advice specific to your condition - you need to provide details like when your wife intends to return to work, tax credits, etc......plus, you may get a little more leeway (but not much) from your current lender, than if you switch (they like to retain customers, but not if affordability res completely smashed).
You're probably going to have to go down the broker / sub-prime route, but as first reply says; get some advice specific to your condition - you need to provide details like when your wife intends to return to work, tax credits, etc......plus, you may get a little more leeway (but not much) from your current lender, than if you switch (they like to retain customers, but not if affordability res completely smashed).
pattieG said:
Hello all.
I want to move to a larger house but my wife is currently on maternity leave. I have about 60k equity in my house and an outstanding balance of just over 90k to pay off. What are the chances of me being able to increase the mortgage by about 70k using the equity as a deposit for a 210k place. My salary is a measly 25k and my wife earnt about the same before the arrival of our son.
I'm a Mortgage Broker.I want to move to a larger house but my wife is currently on maternity leave. I have about 60k equity in my house and an outstanding balance of just over 90k to pay off. What are the chances of me being able to increase the mortgage by about 70k using the equity as a deposit for a 210k place. My salary is a measly 25k and my wife earnt about the same before the arrival of our son.
We place cases like this all the time, the key is your Wife's return to work details. It's not fair that lenders penalise people for having kids so they will lend against your wifes income upon confirmation of her return to work date, return to work hours/salary, any childcare costs that will be incurred and any savings you have to cover her whilst off work.
Some lenders will require most of the above to be confirmed in writing from her employer, some will take it directly from you as the applicants.
Hope that helps!
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