If you are pregnant and expecting a child, this may be an important thing to tell your mortgage lender.

With the potential of added household bills, childcare costs and the possibility of maternity leave or you not returning to work, this could in theory impact your affordability and ability to maintain your monthly mortgage payments.

We speak to David Beard, the founder of price comparison and mortgage broker, Lending Expert, to find out more.


Am I obligated to tell my mortgage provider that I am pregnant?

“No, you are not required to tell your mortgage broker or provider that you are expecting,” explains Beard.

“Nor are they allowed to ask you as part of The Equality Act 2010.”

“However, this is something that might be worth mentioning if you are applying for a new mortgage or remortgage, since it could impact the amount you have requested to borrow.”

“You are required to be truthful when applying for a mortgage and with additional childcare costs and a lower monthly income, it might be sensible to give the lender a more realistic view of your earnings and expenses, rather than take on extra debt that you cannot afford.”


What if the lender asks about any changes?

“If your mortgage lender asks about any changes to your finances, then you should mention that you are pregnant and also anything else relevant, such as changing jobs, increases or decreases in salary.”

“After all, your mortgage can last three, five or even 35 years and your income is likely to change during this time. The changes could even be in your favour, especially if your income has increased, and you could be eligible for lower rates or better terms.”

Lowestoft Journal: "It still doesn't hurt to be transparent with the lender, especially if you are applying for a new mortgage," says Beard"It still doesn't hurt to be transparent with the lender, especially if you are applying for a new mortgage," says Beard (Image: Getty Images/iStockphoto)
Why does a mortgage lender need to know if I am expecting?

Since the financial crisis of 2008, there has been a lot more pressure on mortgage providers and banks to justify who they lend to and how much they offer.

Essentially, mortgage lenders want to ensure that you can afford your monthly repayments and not fall into debt. As part of the Mortgage Market Review, the role of affordability is taken far more seriously.

“Ultimately, there are additional costs with a newborn,” says Beard, “And it could mean one less income in the house for a few months or a year.”

“But just because you are pregnant does not mean that your mortgage could change. If you can still afford monthly repayments and are no worse off, nothing will change at all. But it still doesn’t hurt to be transparent with the lender, especially if you are applying for a new mortgage.”

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

For a free and impartial mortgage quote, you can speak with Lending Expert today on 0161 820 8099 or check your eligibility here for free.