Among the primary reasons a homeowner wants to remortgage while on maternity leave is to benefit from better interest rates.
When a new baby arrives, it can cause significant financial strain, prompting a search for a deal that’s more suited to changed circumstances.
After all, lower monthly mortgage repayments could free up money to buy necessities for the baby.
Some houseowners may also consider remortgaging to release equity from their property to fund home improvements such as creating a nursery.
So, is remortgaging on maternity leave a realistic possibility? We’re confident that we can help.
How long will I get for maternity leave?
If you’re an employee in the UK, statutory maternity leave is 52 weeks.
You don’t have to take 52 weeks if you don’t want to, but you must take a fortnight’s leave after the baby is born.
Pregnant women do ask us questions about remortgaging on maternity leave, including if they’re allowed to do it.
How does being on maternity leave affect your chances of a remortgage?
Lenders will not simply ask if you’re on maternity leave or not.
Instead, they’ll consider how much income is coming in when you submit a remortgage application. If there’s a significant drop while you’re on maternity leave, it could impact the outcome.[AS1]
Remember, when you submit a remortgage application, lenders want to feel confident you’ll be able to meet your repayment commitments.
Some may take into account the income you would have received had you not been on maternity leave as long as you can provide proof you’re intending to returning to work.
Each lender has its own criteria when assessing mortgage applicants on maternity leave, making it important to understand the terms and conditions attached to different mortgage products.
We can help. Why not arrange a consultation with a member of our team today?
Should I tell a broker I’m on maternity leave when applying for a remortgage?
Always be honest and transparent when it comes to remortgaging.
If you’re unsure, or have questions, then we’d recommend talking to a qualified mortgage advisor who can explain your options clearly.
Not telling the truth about being on maternity leave isn’t a good idea. A lender needs a clear picture of your circumstances to assist with making an accurate and fair assessment of what you can afford (minus your outgoings).
So, yes, tell your broker.
Streamline the process of searching for remortgage deals with UKMC
We make it our mission to find the most appropriate deal for you when it comes to remortgaging.
Whether you want to know more about remortgaging while on maternity leave, or are seeking further information about the remortgaging process, we can assist.
We do so in a way that’s fully transparent, warning you of any early repayment charges, product fees, and other crucial details before deciding on a suitable solution.
If your current deal is coming to an end in the next few months, why not arrange a consultation today?
Our remortgage process is quick, seamless, and hassle-free.
Want further reassurance? We’ve received more than 400 positive reviews on Trustindex.
We understand that there’s a long to-do list when a baby is due. After all, there’s plenty to get ready!
Talk to one of our advisors about your remortgage options to remove one of the worries.
If you don’t want to schedule an appointment now, you can request a callback at a more convenient date and time.
To get started, complete an online contact form.
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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