Mortgage On Maternity Leave

Mortgage on maternity leave

This page was last updated in July 2022. 

Mortgage On Maternity Leave In 2022

Can I get a mortgage on maternity?

It is definitely possible to get your mortgage on maternity leave. Yes, getting a mortgage on maternity can be harder. If you are looking for a large loan amount, this is especially true. Regardless, being on maternity shouldn’t stop you completely from getting a mortgage.

Topics that you will find covered on this page

You can listen to an audio recording of this page below.

Maternity leave mortgages are explained in full below. We explain why getting a mortgage might be harder, but also give mortgage advice to help. 

Get in touch, if you have other queries once you have read the article, with a mortgage broker. Any mortgage advisor you used should be authorised and regulated by the financial regulatory body of the UK, the FCA

Do I have to tell the mortgage lenders I am on maternity leave?

You should always tell your mortgage advisor or lender that you are on maternity. Even if they don’t ask, you could be in trouble if you take out a mortgage without telling them. 

Maternity leave income is often lower than your full salary. So, your lower income could affect the result of affordability checks. 

Remember, when you send off mortgage applications lenders ask to see proof of income. Your payslips will probably show your maternity pay, so there is no point hiding it. 

Also, one question asked when you apply for a mortgage is whether you are aware of material changes that could affect whether you can make repayments on your mortgage. Obviously, a reduced maternity income is one of these. 

If you choose not to reveal information about your maternity you could be accused of mortgage fraud. If you are worried about getting accepted for a mortgage on maternity speak to a mortgage advisor. 

There are many online mortgage advisors that are authorised and regulated by the financial conduct authority, that can help you out. Advice is especially useful if you are first time buyers. 

Here is video that helps explain a little more.

Do I have to reveal my pregnancy to the mortgage lender?

Again, this is something the mortgage lender should know. The question might not be on the mortgage application form. However, pregnancy is a ‘material change’.

If you are pregnant and your pay is reduced on maternity, the mortgage lenders will want to see if this will impact your ability to keep up repayments. 

Furthermore, after you give birth you will have a dependent. Even after you go back to work, you may have extra outgoings because of this. One example is childcare costs. 

While it may be frustrating for expecting parents to hear that their mortgage offers may be reduced as a result of pregnancy, it is to protect you, too. For example, if someone cannot make repayments for their mortgage their home may be repossessed. 

Seek professional mortgage advice if you are struggling to get started with a mortgage on maternity. 

Remortgaging when on maternity leave

How remortgaging works is pretty similar to getting a mortgage on maternity leave. Lenders generally tend to make assessments for mortgages based on your maternity pay. So, typically people on maternity are able to borrow less for a remortgage. 

If you want them to consider your return to work income, lenders normally want proof from employers of what this figure will be. They will also be keen to know when you are due back at your place of work. 

As with standard mortgages, maternity leave and pregnancy need to be disclosed when you make the application. If you are unsure what to put on the application, our mortgage advice is to put as much information as possible. This protects you from the consequences of non-disclosure. 

remortgaging on maternity leave

Tips for getting a mortgage during maternity leave

It can be hard to know where to get started when getting a mortgage on maternity leave. Maternity leave may mean you have fewer options of lenders for your mortgage. Other lenders might offer you a mortgage, but let you borrow less. This is because your income is technically lower. 

However, this leave is only for a short time. So, a lot of lenders will give you a mortgage during your maternity leave. You just need to prove the salary decrease is only temporary. 

Our advice for getting the best mortgage on maternity leave, ask your employer for a reference. This should include:

  • Confirmation that you will return to work with them after maternity leave
  • The date you have agreed to go back to work
  • The date you are going on maternity leave, if you haven’t yet
  • What hours you will work when you return 
  • What your salary will be once you go back 

Remember, if you are going back to work on a part-time basis, the deals the lender gives may still be lower. This is because your affordability after returning to work will not return to your pre-maternity level. 

How much can be borrowed for mortgages on maternity? 

This depends on what lender you choose to get a mortgage with. Our advice is to shop the market to get the best deals for mortgages. We also recommend you use a professional broker. 

A mortgage broker can help you find people that give mortgages based on your normal income, rather than mortgages based on maternity leave income. Remember, a letter from your employer might be required. 

Then, brokers can assess which lenders will loan you the most for mortgages.

Some lenders loan 3x your income for mortgages, others will loan up to 5x. Even if you find a lender that offers more, it doesn’t mean they will definitely offer you this deal for mortgages. 

What lenders choose to let you borrow for mortgages depends also on your credit history. If you’re someone with bad credit, a lender will be less likely to loan a large amount. Even if you do not have bad credit on your record any more, a history of credit issues can harm your application too. 

Of course, you could shop for mortgages in the above way yourself. But it can be very time-consuming, and hard to know where to start. 

"If you are pregnant and your pay is reduced on maternity, the mortgage lenders will want to see if this will impact your ability to keep up repayments. "

Will maternity leave impact joint mortgages?

If you are applying for mortgages with a partner, both yours and their income will be considered. This means if your partner passes the affordability check your reduced maternity income might not even matter!

However, this depends on how much your partner earns. It also depends on if they have good or bad credit, as this affects mortgages. 

That said, if your partner is also going on paternity leave this might affect applications for mortgages. 

We recommend getting online mortgage advice, before going to a lender. They can consider the length of maternity and paternity leave you will both be taking, plus your credit score and history. Then they can recommend potential providers.

How do things work for maternity leave if I am a self-employed worker?

Typically, a lender will assess your income using your end of year accounts or SA302. Then they can decide what amount to lend.

What lenders offer you for self-employed mortgages depends on the nature of your work/business. For example, some self-employed workers are crucial to the running of their business. So, if they go on maternity leave the income from the business falls. 

However, other self-employed workers employ other people. If you can convince lenders that your businesses income won’t be affected by your maternity leave then mortgaging or remortgaging on maternity leave should be the same as if you were working. 

Does the length of time I take off matter?

Many people want their normal income, rather than their reduced income, to be the one considered for a mortgage. This makes sense, since the higher your income the more you can borrow. 

However, some lending companies have a 3 month rule. This means that if you wont be returning to work in the next three months and you decide to apply, the reduced salary is the one considered. 

Other companies that lend money for mortgages do not have this rule. They might still have other criteria you need to meet, though. For example, Virgin Money asks that potential customers give evidence of where they will get the money from when their salary is reduced. 

This evidence could be from savings accounts, or your partners earnings. Remember, most lending firms don’t just look at reduced income during pregnancy either. Many consider the extra costs you will face when the dependent is born. 

Getting a Mortgage

Am I still able to apply for buy to let mortgages?

There is no reason to not apply for buy to let mortgages/mortgage. As long as you still pass the affordability check for a buy to let mortgage while on maternity, your application shouldn’t be rejected. 

Of course, this is assuming other aspects of your application don’t let you down. For instance, a weak credit rating, history of bad credit, or mistakes in your documentation can cause rejection. 

Furthermore, if you are pregnant and are taking time off work you might be offered less competitive mortgage deals. Our advice is to use an independent broker throughout the application process

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