Hi ,I just have a query about getting a mortgage on maternity leave.
Our situation is I work in civil service, salary 49000
Husband private sector salary 63000 ,total net approx €5800
We are currently living in husbands fathers old house. (No rent) left to my husband so house is in his name,however it is not suitable for our growing family however we are v grateful to live in it rent free.House worth <100000 and husbands has siblings whom he would like to split with if ever sold
Have 3 kids and want to buy house closer to my family ASAP .
Currently saving 1200 /month
Childcare expenses 1000/month
Loan 450 ,15000 left , hoping maybe to use current house to get small remortgage and clear this loan
Car loan 300 ( 2 years left)
We both have significant commute , fuel cost approx 500/month
Am due 4th baby in July, hoping to have approx 23000 savings by this time. I will be on full pay when on maternity leave . I think we will require approx 230000-260000 mortgage , does anyone have advice on how banks may consider our situation .also if we did get chance to move my child care costs will reduce significantly as we will be closer to family.
I plan to return to work after 8 months or so , do you think the banks will insist that I wait until I return to work before considering us for mortgage.
We are both 38, so are aware age may factor also.
I would appreciate any advice , reading back I'm almost embarrassed as I feel we should have more saved etc however we have had significant other expenses that are thankfully gone,and would be delighted to move onto the next stage of our lives with our ever growing family
Thanks in advance z
Our situation is I work in civil service, salary 49000
Husband private sector salary 63000 ,total net approx €5800
We are currently living in husbands fathers old house. (No rent) left to my husband so house is in his name,however it is not suitable for our growing family however we are v grateful to live in it rent free.House worth <100000 and husbands has siblings whom he would like to split with if ever sold
Have 3 kids and want to buy house closer to my family ASAP .
Currently saving 1200 /month
Childcare expenses 1000/month
Loan 450 ,15000 left , hoping maybe to use current house to get small remortgage and clear this loan
Car loan 300 ( 2 years left)
We both have significant commute , fuel cost approx 500/month
Am due 4th baby in July, hoping to have approx 23000 savings by this time. I will be on full pay when on maternity leave . I think we will require approx 230000-260000 mortgage , does anyone have advice on how banks may consider our situation .also if we did get chance to move my child care costs will reduce significantly as we will be closer to family.
I plan to return to work after 8 months or so , do you think the banks will insist that I wait until I return to work before considering us for mortgage.
We are both 38, so are aware age may factor also.
I would appreciate any advice , reading back I'm almost embarrassed as I feel we should have more saved etc however we have had significant other expenses that are thankfully gone,and would be delighted to move onto the next stage of our lives with our ever growing family
Thanks in advance z