Will she not get any maternity pay above statutory?by then she won't have had any wages coming in
We are mortgage approved and have an apartment to sell before we can trade up, we're currently renting with tenants in the mortgaged apartment.
Why have you done this? Do you not think that you're treating the vendor extremely poorly? They would be pulling their hair out if they read this thread.We have since found a property and put a fully refundable booking deposit down more in hope than expectation.
We now have contracts issued and 3 weeks (approx), before we have to sign and commit the 10% deposit with penalties if we don't go ahead.
Get a grip - good faith deposit isn't unusual.you're treating the vendor extremely poorly
I'd agree with @noelÓm here, these are real people that the OP is messing about for no good reason. We don't know their circumstances but this will cause them grief and money.Get a grip - good faith deposit isn't unusual.
Pain in the wotsit when a deal falls through, but them's the breaks.
When you attempt to draw down a mortgage, the lender will seek up to date payslips and financial details to confirm that your circumstances have not changed from those the approval was based on. If your partner is off work at that time, then the draw down will very likely be refused and you will have to seek approval all over again.does anyone know the impact of someone being pregnant and a new dependant has on the mortgage offer?
When you attempt to draw down a mortgage, the lender will seek up to date payslips and financial details to confirm that your circumstances have not changed from those the approval was based on. If your partner is off work at that time, then the draw down will very likely be refused and you will have to seek approval all over again.
Lenders adjust the affordability calculations to account for the cost of supporting any dependent. How that affects your chances all depends on how close to the lending limits you are.
The advice would be much more useful if @jedentag could tell us what income his wife will be on for the duration of maternity leave.In my experience if your wife is on paid maternity leave and has a letter from employer stating when she will be back to work then it is fine.
Lenders' practices may vary, but they will want to know about any changes in circumstances. They will all adjust the affordability calculations once they are aware of dependants.Is that true only if there is a timelapse greater than 3 months between approval and drawdown?
I’m going to shock you here when I reveal that my partner and unborn child’s housing and future are my priority over ‘unnamed vendor’ and their hair. I’ve entered into this in good faith.Why have you done this? Do you not think that you're treating the vendor extremely poorly? They would be pulling their hair out if they read this thread.
Alas, no.Will she not get any maternity pay above statutory?
Then you also need to consider how this deal falling apart will affect them. It's unlikely that the vendor of the place you have identified will be happy to wait months. Are you OK to walk away from that 10% and start looking for another property? You really don't need to introduce that kind of stress along with a newborn .I’m going to shock you here when I reveal that my partner and unborn child’s housing and future are my priority over ‘unnamed vendor’ and their hair. I’ve entered into this in good faith.
Nice one - the letter from her employer shouldn't be a problem to get.Is that true only if there is a timelapse greater than 3 months between approval and drawdown?
In my experience if your wife is on paid maternity leave and has a letter from employer stating when she will be back to work then it is fine. If your partner is not returning to work then they will assess based on the one income.
I have gotten mortgage approval when my wife was pregnant and drew down when she was on paternity leave after the provision of a return to work date letter.
Why walk 'walk away from that 10%' a booking deposit is fully refundable, a contract deposit is usually subject to mortgage.Then you also need to consider how this deal falling apart will affect them. It's unlikely that the vendor of the place you have identified will be happy to wait months. Are you OK to walk away from that 10% and start looking for another property? You really don't need to introduce that kind of stress along with a newborn .
In most cases yes, but the OP said they would be required to commit the 10% desposit 'with penalties' in the contract if they don't complete. That suggests a new build as developers generally don't permit subject to sale or subject to finance clauses, but the OP didn't specify.Why walk 'walk away from that 10%' a booking deposit is fully refundable, a contract deposit is usually subject to mortgage.
Who are you talking about that will suffer grief and loss of money, the sellers? It's a new build and it's not ready to move into for 3 or 4 months.I'd agree with @noelÓm here, these are real people that the OP is messing about for no good reason. We don't know their circumstances but this will cause them grief and money.
It would have been great if you added that detail at the start. That changes things considerably as full draw down won't happen until later, by which time your wife will be off work and your financial position will have changed requiring new approval.Who are you talking about that will suffer grief and loss of money, the sellers? It's a new build and it's not ready to move into for 3 or 4 months.
This is bad advice particularly in relation to a new build. You will not be negatively impacted once you provide a letter from her employer stating her return date to the same position and salary. Not exactly the same but we switched our mortgage while my spouse was on the unpaid part of her maternity leave with no problems at all. We were however comfortably inside LTI/LTV limitsI was told not to volunteer that my partner was expecting during mortgage process as that's a negative to the amount they are prepared to offer for AIP.
3/4 months...possibly 6-8 months. Builder's schedules generally get longer. Your existing AIP could expire and you will need a new or extended AIP. You will have to provide up to date financials at some point either for AIP or drawdown. You really don't want to be in a position where you have signed a contract and you no longer have AIP. There will be penalties for not fulfilling your contractual obligationsIt's a new build and it's not ready to move into for 3 or 4 months
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