Mortgage while on career break

Aquals

I’m hoping that someone might be able to give me some info on the implications of applying for a mortgage while on career break.

Would a mortgage application be assessed based on my current income (while on career break) or on the income that I will have when I return to my permanent job in one year’s time?

My current income while on career break is less than that of my permanent job. My husband has a permanent job though, and we would be applying together.

Thanks!

dennyk

It might be contextual to some degree, e.g. how long you have left on your break, why you are taking the break (e.g. are you attending training or education that will improve your earning potential?), and what guarantee your contract provides of an unconditional return to the same job with the same pay as you previously had. I suspect many lenders are going to be hesitant to lend based on a potential future salary rather than your current income, though. You might want to consider what you could afford with just your husband's income and whatever income you currently have during your career break, if it's something steady and documented (e.g. from a second job or self-employment). Savings is not usually considered as a replacement for income, though, so keep that in mind.