If I apply for a mortgage (possible break in earnings)

Y

yram

Registered User
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Hello all,
Well, I want to look into buying a property in the next year or so. But I want to take a career break (maybe in 6 months time for 6 months).

It would be unpaid. I would then walk back into my job (permanent for last 3 years). I have deposit, good saver etc.

I dont know how much I would be eligible for (first time buyer-earn around 32K a year), but my question is, would they take my lack of earning for 6 months into consideration if I make the application?

thanks
 
It shouldnt be a problem once you are in permanent full time employment for a year then it should be okay, say you go on a career break in Dec 2013 and return to work June 2014 I would wait 3-6 months then apply for your mortgage with your deposit. Most banks just want to see what you can make the repayments and that what you say you have incoming outgoing is shown in your bank account, get a letter from your job when you do apply staying your time with them ex...Joe Bloggs has been in full time permanent employment since Jan 2010 until the present time she took a 6 month career break from Dec 2013 until June 2014 and has returned to work on a salary of 32K that should be enough for the bank and also make sure whilest on your career break you still save if possible even a small amount and pay all of your DD and bills.
 
Are you 100% sure that you would walk back into your old job on the date of your chosing? I know in the civil service that some people have had to wait a little while after their hoped for return date, have others in your organisation returned from career break as easily as they wished?
 
Thanks for the replies.

I am not in the civil service. I am in private industry. Yes, you are right though. I was told I could apply to take it, nothing in writing (which of course I would have to have something about when/date I return to work). I am not sure even sure if 3 months or 6 months would suit me best.

I am just concerned that if I take the break, and went for a mortgage, it would hamper my chances. Just trying to think about future I guess.

Edit: How do banks realistically calculate a mortgage anyways? Thanks
 
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