Here at Evergreen Mortgages, we believe that it is possible for everyone to purchase their own property. It shouldn’t have to be an unattainable dream for anyone, even a young family!
If you’ve got a young family or growing family, the same house you bought as a couple may not be suitable for you anymore. A bigger space for you and your family is possible to achieve as well.
There may be a few obstacles in the way. With our help here at Evergreen Mortgages, we can make it happen. Today we’re going to be covering some of those obstacles, and the solutions that are out there to make the process as easy as possible.
We’ve started our family, and would like to move into our own space. Can we get a mortgage whilst on maternity leave?
It is possible to get a mortgage whilst on maternity leave! However, your lender may wish to see more details on your income once you return to work.
For example, you’ll need a letter from work confirming that you have an agreed return to work date. You’ll also need to confirm if you will be returning on full time or part time hours, with the salary you have agreed.
Another factor they will consider is childcare – if you’re relying on family to help out, or if you need to pay for childcare and whether that will affect your repayments.
We’re looking to move, but our children are not in school yet – what does this mean?
In terms of childcare costs, these will need to be included within your affordability checks so it’s important you let your lender know. But if your child is going to be in school full time soon, the lender may consider a reduction in the costs.
Our young family is growing and we need more space – what can we do?
We can help you remortgage your current property to allow the release of funds to complete an extension. Alternatively, we can help you work out your maximum budget so you can plan to move into a bigger space.
Will child maintenance payments count towards our mortgage affordability?
This varies from lender to lender and can depend on the age of the child.
Whilst some lenders consider maintenance being received, as long as it regularly shows on your bank statements, some will require a court order or child maintenance order, and some will only consider a percentage of the monies received!
Alternatively if you are having to make child maintenance payments for the support of a child not living with you, these will need to be factored into your costs and outgoings when we look at your affordability for a new mortgage.
These are just a few of the circumstances that a young family or growing family may come across in their search for a newer or bigger property.
But remember, whilst every family’s situation is a unique one, there are solutions. If you have any other questions or would like to chat one-to-one about your scenario, do not hesitate to get in touch!
