getting mortgage when on career break

my husband is in full time employment in the health service and i'm on a career break from the health service to look after my children. we wish to move house to a bigger house. am just wondering if it's possible to get mortgage approval based on two salaries if i can get a letter from my employer stating i am employed but on a career break. any advice???

I would have thought the income will only be taken into account if you are to return to work. Are you intending to return to work soon?

not for another three years but i thought that maybe if i had it in writing, they would reconsider?

Lenders will only take your income into account as and when you are back at work - to lend based on an income that doesn't exist for another three years would be completely irresponsible.

Sarah

www.rea.ie

but your job is guaranteed - it's not like you're in the private sector and taking a career break... if you already have been paying a mortgage and are not borrowing excessively, you've nothing to lose..

Ask your employer to include a statement in the letter that you can return to work sooner than 5 years (cut the career break short) if finances demand....

see if your union has a mortage deal with certain banks - EBS has a deal with a union whereby they take members current salary and 3 increments into account when assessing members borrowing power...if you don't ask, you'll never know!

good luck!

success said:

not for another three years but i thought that maybe if i had it in writing, they would reconsider?

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Oh come on, the whole point of using the salary mulitples as a basis for mortgage approval is that you can actually REPAY the thing with that salary. Not only would the bank be completely irresponsibile in lending you the money based on a nonexistant salary YOU would be completely irresponsible in accepting such a mortgage. What's the point in you taking this career break? To look after your children. I hardly think placing yourself in a precarious financial position is the best way to go about doing that.

success said:

my husband is in full time employment in the health service and i'm on a career break from the health service to look after my children. we wish to move house to a bigger house. am just wondering if it's possible to get mortgage approval based on two salaries if i can get a letter from my employer stating i am employed but on a career break. any advice???

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If the size of your house is a problem, why don't you sell it and rent a bigger one for the next three years until you decide to go back to work and will be in a position to get a sufficient mortgage?