Maternity leave when current mortgage deal up

by Readers Question

16:15 PM, 14th February 2017
About 2 years ago

Maternity leave when current mortgage deal up

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Maternity leave when current mortgage deal up

I currently have a Natwest BTL Mortgage that runs up until 31 Dec this year. Just thinking ahead and I’ll be on maternity leave then. maternity leave

If I stay with Natwest and let the current deal run off the interest and monthly repayments will obviously go up as the initial deal period is over. Chances are I will switch provider depending on deals at the time, but does anyone know if I will be able to as they will want last 6 months payslips – and obviously mine will be very low as I wouldn’t have been in work?

I could just ring around a few providers and ask the procedure but any advice or tips beforehand would be much appreciated!

Thanks

Kirsty



Comments

Howard Reuben CeMap CeRER

16:48 PM, 14th February 2017
About 2 years ago

If you own a BTL for more than 6 months, we do know of lenders who would consider you as an experienced landlord and your income / payslips may not matter at that time (of the remortgage).

For personalised, formal advice and recommendations, you can contact my Team anytime via my member profile link

Neil Arnold

21:56 PM, 14th February 2017
About 2 years ago

I'd speak to the Nat West before going down the route of negotiating a new mortgage & incurring new costs. t's likely they'll have some options whereby you can switch to a new deal - I've just done similar with my BTL mortgage provider as my fixed period was coming to an end. No income queries, just flipped to a new deal (which was actually better than the one I was already on).

Neil.

Paul Green

13:08 PM, 15th February 2017
About 2 years ago

Just do a product switch with NatWest, you can pick a new product 3 months beforehand, so September. You can then remortgage to a new bank when your back to work and your new deal (your product switch) with NatWest expires.... or look for a buy to let bank that don't require an income criteria like bank of Ireland for instance, there are others, there becoming more prevalent...so your income won't make any difference, just LTV and there New higher stress test....again if you don't meet there criteria, don't sit on NatWest's SVR product switch....

Jerry Jones

13:32 PM, 15th February 2017
About 2 years ago

Reply to the comment left by "Neil Arnold" at "14/02/2017 - 21:56":

I have found product swaps very useful, as I don't have a big provable income.

John Constant

15:02 PM, 15th February 2017
About 2 years ago

Reply to the comment left by "Howard Reuben" at "14/02/2017 - 16:48":

Kirsty, I would just like to add a little more to my colleague Howards answer, if I may.

Lender's do not want to be in the position of discriminating against new mum's (and new dad's too if they are taking Paternity leave) and will do what they can to assist. If you have an estimated return to work date and can obtain a letter from your employer stating that your salary will be £X when you return, so much the better.

As you will be looking for a new mortgage, I suggest that you should indeed contact Howard as mentioned above. As part of the remortgage process, we as brokers will look at your existing lender to see if they can offer more advantageous terms.

Did you know that not all brokers do this? A broker can't be considered as being "independent" now unless they do.

Dylan Morris

15:14 PM, 15th February 2017
About 2 years ago

Reply to the comment left by "John Constant" at "15/02/2017 - 15:02":

I agree John lenders cannot discrimination on the basis that somebody is on maternity leave. Your employer has to keep your job open so you can return after having the baby. Usually a lender will send out an employers reference and so long as your employer confirms your intention to return to work date and confirms your income there should be no problem.

Paul Green

15:59 PM, 15th February 2017
About 2 years ago

Reply to the comment left by "Jerry Jones" at "15/02/2017 - 13:32":

Hi jerry, me to protect swaps are great and on internet only you can extend the term, just done one and extended term to 30 years . But look out for no income buy to let criteria coming through noticed bank of Ireland the first to provide them, not for first time landlords thou, thought you might want to know, as it's another option...and can be a better rate as your a new customer, better rate than existing...


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