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Mortgage on maternity leave

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  • 01-03-2021 9:21pm
    #1
    Colham
    Registered Users Posts: 279 ✭✭


    My wife and I are approved for mortgage in principal and we hope to have our planning approved in the next week or so. She is going on unpaid maternity leave at the end of March, but we have separate savings to cover her. Will this affect our draw down?


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    #2
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    We drew down our mortgage while I was on unpaid I think. It’s a few years ago now, but I don’t remember it being an issue


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    #3
    Chris_5339762
    Registered Users Posts: 5,855 ✭✭✭Chris_5339762


    The fact that you are having a baby will effect the banks criteria for lending to you in the first place, just bear that in mind. Babies are expensive.


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    #4
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    Chris_5339762 wrote: »
    The fact that you are having a baby will effect the banks criteria for lending to you in the first place, just bear that in mind. Babies are expensive.

    Presumably they already have the baby if her unpaid leave is starting soon


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    #5
    awec
    Administrators Posts: 53,415 Admin ✭✭✭✭✭awec


    The bank will probably ask for a document from her employer with her return to work date etc on it.


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    #6
    Mrs OBumble
    Registered Users Posts: 25,710 ✭✭✭✭Mrs OBumble


    jlm29 wrote: »
    Presumably they already have the baby if her unpaid leave is starting soon

    Nope: outside the public sector, most companies don't offer paid maternity leave.


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    #7
    bee06
    Registered Users Posts: 4,514 ✭✭✭bee06


    Mrs OBumble wrote: »
    Nope: outside the public sector, most companies don't offer paid maternity leave.

    The statutory 6 months maternity leave is usually referred to as paid and the 4 months after is usually referred to as unpaid.

    Any company I’ve worked for has also offered topped up maternity pay.


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    #8
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    Have you got all your documents like salary certs etc into the bank already? If so... just say nothing imo. We drew down while my wife was pregnant. She had some paid mat leave but also took 5 months unpaid leave. The bank never asked us if we were expecting, they asked us if we had any children.


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    #9
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    Mrs OBumble wrote: »
    Nope: outside the public sector, most companies don't offer paid maternity leave.

    the first 26 weeks of maternity leave is paid maternity leave. I’m aware it’s often not topped up for a lot of non- public sector employees, but It’s not unpaid leave. The OP specifically mentioned unpaid mat leave, so I think it’s safe to assume he’s referring to the 16 weeks of unpaid leave that follows the 26 paid weeks


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    #10
    NashD
    Registered Users Posts: 42 ✭NashD


    I had to return to work to draw down our mortgage. The bank required a current month payslip or wouldn't allow us to draw down the mortgage. Find out what paperwork is required for the actual drawdown.

    Edited to add, I was on unpaid leave at the time of drawdown and they wouldn't allow us to drawdown unless we could prove our salaries at the time of drawdown.
    We had provided all the relevant paperwork during the application process.


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    #11
    Colham
    Registered Users Posts: 279 ✭✭Colham


    NashD wrote: »
    I had to return to work to draw down our mortgage. The bank required a current month payslip or wouldn't allow us to draw down the mortgage. Find out what paperwork is required for the actual drawdown.

    Edited to add, I was on unpaid leave at the time of drawdown and they wouldn't allow us to drawdown unless we could prove our salaries at the time of drawdown.
    We had provided all the relevant paperwork during the application process.

    Did you have to reapply for your mortgage again and go through approval again?


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    #12
    NashD
    Registered Users Posts: 42 ✭NashD


    No. We were mortgage approved in August and had put down the deposit. The house didn't close until November due to delays on the sellers side.
    We just had to submit current month payslips to draw down the actual mortgage in November.
    Maybe it's due to the delay in our drawdown but our broker had warned us we would need payslips to draw down so I had time to rejig my leave (I had planned to take all the unpaid leave but ended up taking the October as annual leave to allow me to be paid and to have a payslip for drawdown).


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    #13
    NashD
    Registered Users Posts: 42 ✭NashD


    I note you talk about planning - I do believe build yourself mortgages work slightly differently? I think you incur costs upfront and then drawdown the mortgage to offset costs incurred? So might work differently for you?


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