getting mortgage when on career break

[success]

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???

 

[Madilla]

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?

 

[success]

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

 

[Sarah W]

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

 

[triplex]

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!

 

[Howitzer]

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

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.

 

[Afuera]

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???

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?