A combination of career and financial pressures have seen many women starting a family later in life, but as both the Guardian and the Observer reported this weekend, that decision carries its own financial issues. While lenders are not allowed to ask whether a woman is pregnant or on maternity leave on a mortgage application, they are required to take changes to incomings and outgoings into account when assessing affordability. How these upcoming changes are treated can vary a great deal from lender to lender. Some will want to look at background savings, while some might only use a portion of the ‘return to work’ income. A mortgage broker can be useful here, as they are familiar with the differences in criteria.
The Times revealed some recent research suggesting that borrowers currently sitting on their lender’s Standard Variable Rate (SVR) are paying an average of £4,000 more per year than they need to. Experts advised homeowners to start reviewing their options around 3-6 months before their existing deal is due to finish, allowing time to secure a new deal and avoid reverting to a higher rate.
Elsewhere , the Sunday Telegraph looked at invasive plants such as Japanese Knotweed, and the demands of mortgage lenders in terms of treatment and monitoring.
What the papers said about maternity and mortgages