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I' m sure you all know well that January 2 was the official National Baby Making Day (did you get your greeting card out in time?). That means having many beautiful talks that reveal the messages - the happy grand parents, the agitated brothers and sisters - and some less agreeable ones - your chef, the boyfriend, for whom you should organize a chicken coop in nine month.
However, do you also have to pass on the good tidings to your mortgage bank? Some years later, the Mortgage Market Review (MMR) tightened the regulations for the affordable nature of mortgage borrower borrowing. In an effort to mitigate these risks, creditors looked for more information on incomes and expenditures and for mortgage tests to test against changes such as changes in incomes in the near-term.
It is the brainchild that creditors want to be sure that debts do not become uncontrollable. Could the lender ask me if I am expecting? The lender must not ask you if you are expecting a child, as this could be contrary to the Equality Act. As the name implies, the whole point of the lender's affordable rating is to find out if you can buy the mortgage.
When you take out a mortgage on the basis of what you can pay with you and your spouse both full-time and knowing that you will not return to work after the birth of the infant or are likely to have very costly child care expenses, you are doing yourself a great service by not disclosing it.
In essence, the lender will offer you a mortgage that you cannot affordable. If you can administer the mortgage during your pregnancy and parental leaves, is it still a good idea to consider what your salary will be after the birth of the infant; will you be returning full-time or part-time?
What will you do to administer the refunds at this point? Yes, some creditors will ask you to get from your employers proof that you will go back to work. Is it possible to prevent lender queries? When you already have a mortgage and are looking for a new business, you can prevent getting into the maternity question at all by choosing a mortgage option.
That means that you remain with the same lender, but move to a new offering and generally very few queries are asked. However, the option of agreements might not be as good as if you were buying around all the lenders so you might not as well get a rates. If my lender finds out that I haven't revealed my gestation, what should I do?
My lender has been discriminating against me, what can I do? When you think that your lender has been unfair to you because you are expecting, you should lodge a grievance. This should be handled by the lender himself, but if not, you can contact the Financial Ombudsman Service (FOS).