Maternity Leave & Mortgage

LongfordMB

Hi All,

My wife is going on maternity leave in June. Question i have is: Is there any utility to getting mortgage approval now over the next couple months, or should we leave it until she is back working 6 months after (Jan 2022)?

Can anyone quantity how much the bank reduces your borrowing ability per baby?

For mortgage approval that lasts 6 months, will the bank just roll it over after 6 months, or will they go through your bank details again line by line?

Thanks

Trish56

If your wife is going on maternity leave you can still apply for a mortgage once she gets a letter from her employer stating the date she is due to return to work and that her terms and conditions of employment will remain the same.

An approval in principle will expire after 6 months and if a Loan Offer is not issued at that stage you have to reapply. Note all lenders are different so maybe best to check with a broker to find out the best lender to apply to.

Your net disposable income will increase by €250 per month for a dependent. So a married couple will need €2300 per month income after stressed mortgage repayments.

You should apply now and at least you will find out how much you qualify for.

LongfordMB wrote: »

Hi All,

My wife is going on maternity leave in June. Question i have is: Is there any utility to getting mortgage approval now over the next couple months, or should we leave it until she is back working 6 months after (Jan 2022)?

Can anyone quantity how much the bank reduces your borrowing ability per baby?

For mortgage approval that lasts 6 months, will the bank just roll it over after 6 months, or will they go through your bank details again line by line?

Thanks