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mortgage offers and maternity pay
Thought I would just pass this on, as it's something that I wasn't aware of. We're moving full steam ahead to get our house sold and into a bigger one before baby comes along and was finding out today about whether we'll be able to get a new mortgage what with all the banking problems and so on.
Anyway, turns out we're ok, but when they asked about financial dependents - answer being no until June! I found out that if we complete before I go on maternity it's fine, but if we complete after banks usually take the lowest amount you will earn during your leave and apply that as your income - i.e. if you take full year and you're getting zero for last 3 months they will take your salary as zero - bye bye mortgage... My adviser did say that not all of them were that harsh but it sounds like could be a big problem.
Anyway, I think the simple solution if we start to get near to that scenario is to just tell work and banks I'm only taking 6 months (which I get on full pay), then 'change my mind' after mortgage is safely completed and extend my leave. As far as I am aware you don't have to make up your mind for definite until nearer the time when you said you would go back, I just need to check the fine print etc.
Hope this helps anyone who might be in similar situation. Night night.
(also posted in due in June)
Anyway, turns out we're ok, but when they asked about financial dependents - answer being no until June! I found out that if we complete before I go on maternity it's fine, but if we complete after banks usually take the lowest amount you will earn during your leave and apply that as your income - i.e. if you take full year and you're getting zero for last 3 months they will take your salary as zero - bye bye mortgage... My adviser did say that not all of them were that harsh but it sounds like could be a big problem.
Anyway, I think the simple solution if we start to get near to that scenario is to just tell work and banks I'm only taking 6 months (which I get on full pay), then 'change my mind' after mortgage is safely completed and extend my leave. As far as I am aware you don't have to make up your mind for definite until nearer the time when you said you would go back, I just need to check the fine print etc.
Hope this helps anyone who might be in similar situation. Night night.
(also posted in due in June)
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