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Having a Baby in Cirencester? Don’t Forget to Think About Your Mortgage!

Last updated: August 10, 2023

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Congratulations are in order – you’re expecting a baby! As you embark on this wonderful journey of parenthood, there’s a whirlwind of emotions, decisions, and preparations to navigate. Among them, securing a cozy home for your growing family is a top priority. If you’re fortunate enough to live in Cirencester, there are plenty of great property options for growing families.

Nestled in the heart of the Cotswolds, Cirencester boasts a unique blend of historical charm and modern convenience. From its quaint streets lined with honey-hued cottages to the vibrant community spirit that defines the town, Cirencester offers an ideal setting for raising a family. As you eagerly anticipate the pitter-patter of tiny feet, let’s not only explore the nuances of managing your mortgage during this transition but also celebrate the benefits of living in Cirencester.

View of houses in Cirencester old town

The Charms of Cirencester: A Family-Friendly Haven

Beyond the classic Cotswolds scenery, Cirencester presents an array of benefits that make it a desirable place to put down roots and raise a family. The town’s strong sense of community, coupled with its excellent schools and family-focused amenities, creates an environment where you and your little one can thrive.

  1. A Sense of Belonging: Cirencester is not just a town; it’s a community. From local events that gather neighbours to the charming markets that line the streets, you’ll quickly find yourself feeling at home. Raising your child in an environment where everyone knows your name fosters a sense of security and support.
  2. Quality Education: As your child grows, their educational journey becomes a central concern. Cirencester is home to a range of exceptional schools, both primary and secondary, that provide a solid foundation for their intellectual and personal growth. With access to quality education, you can rest assured that your child’s future is in capable hands.
  3. Green Spaces and Fresh Air: What better place for your little one to explore than amidst the beauty of the Cotswolds? Cirencester’s abundance of parks, gardens, and nature trails offer endless opportunities for outdoor adventures and family outings. Fresh air and open spaces are the perfect recipe for a happy and healthy childhood.

Planning for Parenthood and Property

Now that we’ve highlighted the beauty of Cirencester’s family-oriented environment, let’s get back to the practicalities of managing your mortgage while expecting a baby. Parenthood comes with its own set of financial considerations, and your mortgage is a crucial aspect to address.

From whether you need to inform your mortgage provider about your upcoming arrival to understanding how maternity and paternity leave might influence your mortgage application or remortgaging plans – there’s a lot to think about. However, with proper planning, open communication, and perhaps the guidance of a mortgage broker, you can navigate these challenges confidently.

As your family grows and your priorities shift, it’s essential to ensure that your mortgage aligns with your changing circumstances. A mortgage broker can be your trusted ally, helping you explore the various lenders and mortgage products that are likely to be available to you.

So, as you embark on the journey of having a baby in charming Cirencester, remember that your financial stability and comfort are vital to providing the best for your family. By being well-prepared and making informed decisions, you’ll be creating a strong foundation for both your growing family and your future as homeowners in this wonderful town.

Hudson Rose team crossing the road in Cirencester

Does having a baby affect getting a mortgage?

Whether you’re a first-time parent or adding to your family, having a baby can indeed impact your mortgage journey. Before delving into the details, it’s worth noting that securing a mortgage involves various factors, such as your credit score, income, and deposit. Having a baby adds a new layer to this equation, but it’s not a deal-breaker.

Do you have to tell your mortgage provider if you have a baby?

Generally, you’re not required to inform your mortgage provider about the impending arrival of your little one. However, it might be a good idea to consider the impact that the baby’s arrival will have on your financial situation. Babies bring joy, but they also bring additional expenses. From nappies to childcare, your monthly spending might increase. It’s crucial to factor these new expenses into your budget when considering your mortgage affordability.

Is it harder to get a mortgage when pregnant?

Pregnancy shouldn’t inherently make it harder to get a mortgage, especially if you have a stable income and a good credit history. Mortgage providers primarily assess your financial stability and ability to make repayments. If you’re still employed and receiving your regular income, your chances of approval remain strong. However, keep in mind that some lenders might be cautious if you’re nearing your due date, as they want to ensure you’ll be financially stable during your maternity or paternity leave.

Make sure you have a reputable Mortgage Broker on hand

A professional mortgage broker can be an invaluable resource, helping you navigate the intricacies of the mortgage market. They have a wealth of knowledge about different lenders, mortgage products, and can tailor their advice to your unique situation. A mortgage broker can also anticipate potential challenges and guide you through the process, making it smoother and less stressful.

Hudson Rose team wait in front of vintage van in Cirencester

Does being on maternity leave affect remortgaging?

Fast forward a bit – your baby is here, and you’ve enjoyed those precious moments on parental leave. Now you’re considering remortgaging. Being on maternity or paternity leave during this process can have an impact. Since your income might be temporarily reduced, lenders could view this as a potential risk. However, if you’ve planned your finances well and have a return date in mind, you can provide evidence of your expected income once you’re back to work. It’s important to keep communication lines open with your mortgage provider or broker during this transition.

Planning ahead: Building a secure financial future

It’s always wise to plan ahead for your family’s financial future. While your deposit might be earmarked for your new arrival’s needs, remember that a substantial deposit can positively affect your mortgage terms. A larger deposit can lead to lower monthly payments and better interest rates.

Additionally, consider the changes in your work situation. If you plan to work fewer hours or take an extended period of parental leave, factor this into your financial planning. It’s prudent to have a clear understanding of your budget, accounting for all upcoming expenses, to ensure that you can comfortably meet your mortgage obligations while enjoying the joys of parenthood.

In conclusion

Remember, your mortgage provider’s primary concern is your ability to make repayments. As long as you maintain open communication, plan your budget, and seek the help of a mortgage broker, you’ll be well on your way to securing a mortgage that accommodates your growing family’s needs. So, embrace the adventure of parenthood and homeownership with confidence!

If you’re looking for advice for your upcoming mortgage or remortgage in Cirencester, get in touch with local firm, Hudson Rose. They have all the experience and expertise you could possibly need plus a lovely little office on Dyer street where you can pop in for a chat and a cuppa any time! Contact us today.

Graham Taylor in front of Hudson Rose Cirenester

And, if this has been useful, check out more blogs from the Hudson Rose team:

How can you find the best mortgage advice in Cirencester?

5 ways to beat mortgage interest rate rises

Everything you need to know about Shared Ownership



Hudson Rose Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Hudson Rose Services Ltd, trading as Hudson Rose. Registered Office: 7 Bridge Street, Nailsworth, Stroud, GL6 0AA
Registered Company Number: 11008147 Registered in England. FCA 799302

Hudson Rose Services Cirencester Ltd, trading as Hudson Rose. Registered Office: 78 Dyer Street, Cirencester GL7 2PF Registered Company Number: 13349772 Registered in England

There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £499. There is no charge for any initial consultation.

Your Home may be Repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Not all forms of Property Development Finance are regulated by the Financial Conduct Authority

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