Can I get a mortgage when my wife is on maternity leave?

Does maternity leave affect mortgage approval?

Legally, being pregnant alone should not affect your mortgage application, but whether or not your pregnancy will affect your ability to service the loan will. If you aren’t sure if you will be able to make your repayments comfortably, the banks will likely agree.

Can I be denied a mortgage while on maternity leave?

According to The Department of Housing and Urban Development (HUD), a woman can’t be denied a mortgage because she’s on maternity leave or pregnant as it violates the federal Fair Housing Law, enacted in 1968. … A lender also considers if you have a paid or unpaid maternity leave, along with your return date to work.

Is it harder to get a mortgage on maternity leave?

If you’re going on maternity leave and you’ve bad credit, you may find getting a mortgage much more difficult. Unfortunately, lenders that accept your full pre-maternity income will typically be the type of lender that won’t offer bad credit mortgages.

Does being on mat leave affect mortgage?

If you are on parental leave, that means your income will look significantly smaller than it normally does. In turn, you will either qualify for a smaller amount of mortgage financing or, if your debt load is too high, you may not qualify at all.

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How can I afford my mortgage on maternity leave?

Here are some possibilities to explore:

  1. Build up a buffer. In the lead up to your maternity leave, make additional repayments into your home loan to build up a buffer. …
  2. Borrow the buffer. …
  3. Interest only repayments. …
  4. Fix your repayments. …
  5. Re-finance. …
  6. Loan repayment suspension. …
  7. Returning to work. …
  8. Let’s talk!

Can I buy a house while on mat leave?

Yes, you can qualify for a mortgage while on maternity leave. Different lenders do have slightly different rules. In general, you will qualify if you provide a letter from your employer confirming your rate of pay and guaranteed hours prior to maternity leave and your expected return date.

Can I renew mortgage on maternity leave?

If you’re currently on maternity leave and would rather wait until you’re back in employment before you remortgage, that is fine. Just be aware that you’ll drop onto the standard variable rate (SVR), which means you could be paying more than you were previously.

Do you have to tell a mortgage lender you are pregnant?

Lenders are not allowed to ask whether you are pregnant or on maternity leave when you apply for a mortgage. “Such a question would potentially be discriminatory under the Equality Act,” says Ray Boulger of broker John Charcol.

Can I get a mortgage while on FMLA?

You can get a mortgage while on temporary leave and purchase an amazing home. The lender will start the process by verifying your income. To complete this step, the lender will go through the VA’s Verification of Employment process.

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