We are expecting our first baby and need more space. When is the best time to move mortgage-wise?
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We currently own a two bedroom flat but the layout makes it unsuitable for a family. We would like to move to a house for more space. In an ideal world we would wait until 6 months after the baby arrived but we are concerned that the mortgage provider will look at the maternity pay instead of my usual salary. Also, at this stage it is possible I won't go back to full time work. Would it better in terms of what we can borrow to move before the baby arrives or will it make no difference given that we are likely to have to disclose that we are expecting to our mortgage provider regardless?
homeowner78
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
First off, congratulations!
The issue initially isnt really a matter of disclosure (which is important and would impact on a lender decision) its more a case of affordability.
lenders assess afordability on a range of issues which includes occupants/dependents in a property and the income being earned.
there are lenders that will consider "return to work" salary but usually only once you have notified your employer of your return date and that date usually must be "soon" ie within 2-3 months from the date you first apply.
i would look over your budget in terms of affordability and see if the cost of moving and the new mortgage is manageable and then decide whether you move now or later - is it really easier to move home after the birth when there is inevitably more to move and more to cope with?
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The issue initially isnt really a matter of disclosure (which is important and would impact on a lender decision) its more a case of affordability.
lenders assess afordability on a range of issues which includes occupants/dependents in a property and the income being earned.
there are lenders that will consider "return to work" salary but usually only once you have notified your employer of your return date and that date usually must be "soon" ie within 2-3 months from the date you first apply.
i would look over your budget in terms of affordability and see if the cost of moving and the new mortgage is manageable and then decide whether you move now or later - is it really easier to move home after the birth when there is inevitably more to move and more to cope with?