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Drawdown on maternity

  • 19-06-2021 11:57am
    #1
    kitty13!
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hi, I was hoping to drawdown on my mortgage before maternity began but this is looking unlikely due to conveyancing delays.
    I will be getting paid by my employer along with the maternity benefit for 6 months. Will the banks still allow me to drawdown. When stress tested I'd still have enough for an additional dependent?

    House price is 192500
    I've a loan offer for 175000, married sole applicant
    45000 savings
    My base salary is 55000 ( I earn commission on top, average overall income has been 70,000 gross over the past 3 years.. they didn't take commission into account at the time as was not in the job long enough)
    On maternity- employer will pay 80% of my base salary and I will also recieve 245/week state maternity benefit. So basically will be earning the same


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Paul Mears wrote: »
    Joslin Rhodes can help with questions exactly like this

    In the UK? I doubt it.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You should have no problem. If the lender is looking for a recent payslip before the mortgage issues and your payslip shows maternity benefit just get a letter from your employer stating the date you are due to return from maternity benefit and confirm 80% salary payment.
    Best of luck

    kitty13! wrote: »
    Hi, I was hoping to drawdown on my mortgage before maternity began but this is looking unlikely due to conveyancing delays.
    I will be getting paid by my employer along with the maternity benefit for 6 months. Will the banks still allow me to drawdown. When stress tested I'd still have enough for an additional dependent?

    House price is 192500
    I've a loan offer for 175000, married sole applicant
    45000 savings
    My base salary is 55000 ( I earn commission on top, average overall income has been 70,000 gross over the past 3 years.. they didn't take commission into account at the time as was not in the job long enough)
    On maternity- employer will pay 80% of my base salary and I will also recieve 245/week state maternity benefit. So basically will be earning the same


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