There are several situations in life when we need a mortgage for a new apartment the most. One of them is planning the family enlargement. Sometimes there is not even time to plan, the child is on the way and you need to act quickly.
Can a pregnant woman get a mortgage?
Banks are known for their increasingly restrictive rules related to granting mortgage loans. It was once possible to take out a loan for a flat in 100% of its value and meeting only a few basic conditions.
A large number of insolvent borrowers, however, meant that these conditions began to increase and in addition it became necessary to have own contribution, the required percentage also increases from year to year. People who do not have a certain financial situation suffer most of all these changes. Pregnant women are also included in this group.
Why? After all, a pregnant woman also receives fixed money. Of course, but only for a certain period of time. By determining the customer’s creditworthiness, the banks check their financial standing for 3 years ahead. It means, therefore, that the financial situation must be stable enough to be able to believe that it will not change for at least the next three years.
In the case of pregnant women, this situation cannot be certain. It is true that they receive money, but only for some time. There is a risk that a woman will stay on maternity leave and will not return to work or simply will not be accepted back, although this should not be legally allowed.
Some women find this discrimination, but you shouldn’t talk about it that way. Please note that it is possible for a pregnant woman to receive a mortgage. However, it must prove, just like any other borrower, that it will be able to pay off monthly installments throughout the loan period.
Her financial situation must therefore be stable and she should make a special declaration about her resignation from maternity leave and return to work. If you additionally attach a certificate from a doctor about the date of return to work and from the employer about admission to work after childbirth and the amount of planned remuneration, the chances of receiving a mortgage by a pregnant woman will increase.
Why is a woman on maternity leave having problems getting a loan? Despite the fact that it is considered a vacation, i.e. suspension of work and not a complete interruption, for the bank such a person is simply unemployed (receives no remuneration).
To avoid problems with getting a mortgage during pregnancy
It’s worth co-crediting, e.g. with your partner or parent. A person who receives stable income from an employment relationship is a very good credit security for the bank and a pregnant woman with the intention of returning to work is an additional plus. Regardless of the situation of clients, banks always look favorably at co-crediting. The more people responsible for the loan, the lower the risk that it will not be repaid. So instead of looking for bank favor, you should first look for a second co-borrower.
Most often, you do not have to look far, because you can take a loan with a partner with whom you are planning to expand your family, or with a parent who will always be happy to help your child and grandson. However, if a pregnant woman cannot count on help from someone else’s side, it would be good if she signed a relevant statement on resignation from maternity leave, thus giving the bank information about the planned quick recovery of stable earnings and thereby increasing her chances of credit.