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Maternity leave is an exciting time for any new mum. But it also comes with a few worries. What kind of parent will you be? How will you cope with the lack of sleep? How will it affect your finances? Can you still get a mortgage?
Being on maternity leave means you will likely be on a lower wage for a while. This can make things a little stressful, especially if you want to apply for a mortgage.
A lower wage could make it more difficult to get a mortgage offer. But it is possible. You need to supply plenty of evidence that your income will increase again when you return to work. You will also need to prove when that will be.
Be as upfront and honest as possible with potential lenders about your situation. This will make it easier for them to offer you an accurate deal. Knowing when you will go back to work means lenders can factor in your change in salary to the deal they offer you.
You might find a bigger deposit makes getting a mortgage while on maternity leave easier. This is because it means you need to borrow less. Your repayments will be smaller and interest rates may be lower.
Buying with someone else can also make getting a mortgage easier. Putting two wages towards a mortgage can reassure lenders that you can meet all repayments.
Remember, every lender is different. What works for one may not work with another. Speak to your lender to find out what information they need from you.