Mortgage drawdown

Rainbowray

Hi
I'm new to boards and was hoping for some advice from the more experienced house hunters.

We received aip around the time I left work to start maternity leave with my second child. This is our second aip as the first lapsed when we could not find a suitable house.

When we reapplied for our aip we were not required to complete a new form, just submit updated bank statements and payslips. Our mortgage broker advised that we were not under any obligation to disclose my upcoming mat leave.

I am taking a full year out and have made provisions for when I am on no pay.

My question is, if we ever manage to find a decent house in Dublin to buy, will the bank ask to see updated bank statements and payslips before drawdown thus disclosing my temporary change of circumstance. If yes, will this affect our drawdown? Also will a second child affect how much the bank will lend to us. A family member will care for our children when I return to work and will not accept payment.

I have put these questions to the broker and he does not see any problem but I am not convinced.

We have demonstrated good financial prudence over the years and the ltv for the house we like is about 50%.

Many thanks

Jen44

We have just signed for our house and we did need to give some additional statements between AIP and loan offer. May not be the case with every bank though

Rainbowray

Thanks, confirms my suspicions. I'm now more than a little worried. Nothing I can do about it now except hope the bank takes into account that I have savings for the period I am unpaid and I fully intend on returning to full time employment.

ainy

my partner works in the mortgage team of a bank and we'l be looking in to a mortgage come spring, I will have had the unpaid maternity leave and have questioned him because I was worried like you are. he said he sees it regularly and that its all taken in context. The fact your ltv will only be 50% will definitely work in your favour too.