Jamie Lennox - Mortgage Adviser - Dimora Marketing

Getting a mortgage on maternity leave

Getting a mortgage on maternity leave

Getting a mortgage on maternity leave

Getting a mortgage is a major financial decision for many individuals and families. This decision can be further complicated when someone is on maternity leave. In the UK, it is possible to obtain a mortgage while on maternity leave, but there are some important factors to consider. In this blog, we will explore the UK mortgage market and provide some guidance on how to navigate the process of getting a mortgage while on maternity leave.

Firstly, it is important to understand that the mortgage market in the UK is highly regulated, with lenders required to adhere to strict lending criteria. This means that lenders will typically consider a number of factors when assessing whether to approve a mortgage application. These factors can include income, employment status, credit history, and more. For those on maternity leave, there are a few additional factors that may need to be taken into account.

Challenges faced getting a mortgage on maternity leave

One of the main challenges of getting a mortgage on maternity leave is that their income may be significantly reduced during this time. This can be a cause for concern for lenders, as they will want to ensure that borrowers have a reliable source of income to make their mortgage repayments. However, some lenders may be more flexible than others when it comes to maternity leave income.

When applying for a mortgage while on maternity leave, it is important to be prepared with all of the necessary documentation. This may include payslips, bank statements, and evidence of any maternity pay or other income sources. It may also be helpful to provide a letter from your employer confirming your return to work date and income upon your return.

Another important factor to consider is the timing of your mortgage application. It may be more difficult to obtain a mortgage while on maternity leave if you are still in the early stages of your leave. This is because lenders may be hesitant to lend to someone who is not yet back at work and may be relying on a reduced income, they may also ask for evidence of savings to cover any shortfall of income while on maternity leave.

Each lender will likely have different set criteria around getting a mortgage on maternity leave, some may be happy to work off the last payslip prior to maternity leave, providing you are returning back to work on the same terms and conditions, if you are going back to work on a different salary or reduced hours you may find you may need a letter from your employer confirming this, some employers may only provide this after a return to work meeting has been completed. If returning back to work full time the lender will also want to factor in childcare cost arrangements that are likely to be in place to enable that applicant to work full time.

In addition to the above factors, it is also important to consider your credit history. Lenders will typically assess your credit score when considering your mortgage application, and poor credit history can make it more difficult to obtain a mortgage. It is therefore advisable to check your credit score and take steps to improve it if necessary.

When it comes to choosing a mortgage product, there are a number of options available. It may be helpful to seek the advice of a mortgage broker, who can help you to navigate the different options and find the most suitable mortgage for your individual circumstances.

In summary, it is possible getting a mortgage on maternity leave in the UK, but there are some important factors to consider. These include your income, documentation, timing, credit history, and choice of mortgage product. By being prepared and seeking the advice of a mortgage broker if necessary, you can increase your chances of getting a mortgage while on maternity leave.

Share this post with your friends

Subscribe to our Newsletter

The mortgage landscape can feel like it’s changing at a million miles per hour. Subscribe to our news letter to keep up to date with these changes.

Our previous blogs...

Own New Mortgage scheme

Understanding the Own New Mortgage Scheme Navigating the labyrinth of the UK mortgage market as a first-time buyer can feel like trying to find your way out of a hedge maze, blindfolded, on a rainy day. But what if I told you there’s a new scheme that’s rolled out the

Read More »
overpaying your mortgage

Is overpaying your mortgage worth it? Find out here In the vast and sometimes bewildering financial landscape known as personal finance, mortgages stand tall as one of the most significant commitments any UK homeowner will ever undertake. Following the right path in this realm requires a keen understanding of all

Read More »
porting your mortgage

Porting your mortgage to avoid early repayment charges Looking to port your mortgage to your new home? Recent industry reports in the UK show an increase in the number of homeowners considering this when they move home. This financially savvy move, known as “porting” a mortgage, is swiftly becoming a

Read More »

Want to see how we can help you?
Get in touch below...

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such information may be used to provide you with details of services and products in writing, by email or by telephone. By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements. 

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Dimora Mortgages Ltd (Company Number 13004223). Registered in England & Wales

Registered & Trading Address: 7 Hobart Drive, Little Plumstead, Norfolk, NR13 5FS

Dimora Mortgages Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority. (943407) 

Your home may be repossessed if you do not keep up repayments on your mortgage.

For our mortgage advice services, we will charge a fee of between £0 and £450. The exact amount will depend on the type of application we are proceeding with.
However, the exact amount will be confirmed at the earliest possible convenience.