Head of Content
Mortgage Advisor & Director
Can you get a mortgage on maternity or paternity leave?
The thought of applying for a mortgage when you're on maternity or paternity leave can be daunting. Having children has a huge impact on all areas of your life, including your finances and career. Your priorities are likely to change, and you might feel you need more space to support your growing family.
If you're looking to apply for a mortgage during pregnancy or on maternity or paternity leave, we would recommend speaking with an experienced mortgage broker. They will recommend the best lenders to approach to boost your chances of approval while finding you the right mortgage.
At Teito, we've helped many growing families to find their perfect mortgage. We appreciate that the last thing you'll want to be worrying about is your mortgage application, which is why we've made our process as stress-free as possible. Everything is online, so you can manage your application at your own pace. Get started comparing deals now, and you could find your perfect mortgage in minutes.
How do lenders perceive maternity and paternity leave?
You might be worried that you won't pass mortgage affordability checks, especially if you're only receiving Statutory Maternity Pay (SMP).
You'll be pleased to know that there are lenders who are more lenient when it comes to getting a mortgage on maternity or paternity leave.
The good news is that lenders consider your future income, as in, when you return to work, into their calculations. It used to be that they would only consider your income when returning to work within the next three months. However, these days lenders are not so strict and tend to take a more pragmatic approach.
Lenders are not allowed to discriminate against you due to pregnancy, but they may ask for evidence of how you would make mortgage repayments if your income remained low due to extended maternity or paternity leave.
What about childcare costs?
Mortgage lenders generally take into account childcare costs into their affordability calculations. Please read this article to learn more about how lenders manage childcare costs.
Learn more and apply now
As a whole of market broker, at Teito we work with hundreds of lenders, including those willing to lend to borrowers on maternity or paternity leave. Our application process has been designed to be as straightforward and stress-free as possible, leaving you to get on with the important things in life! No more time-wasting appointments or unnecessary steps; you can manage your progress online.
Get started comparing deals now and find your perfect mortgage in minutes.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
