Advice for getting a mortgage - First time buyer

kirstgard

Is it easier to apply for a mortgage as a single man, or to include my wife who does not bring in an income as she looks after our son? My concern is that if a mortgage company sees that I have two dependants then they might refuse a mortgage.

herbiesjp

You would have to disclose your wife living at the property anyway.

VIGILANT22

kirstgard wrote: »

Is it easier to apply for a mortgage as a single man, or to include my wife who does not bring in an income as she looks after our son? My concern is that if a mortgage company sees that I have two dependants then they might refuse a mortgage.

When you apply for a mortgage you will be requested to sign a declaration which will read something like:I agree that you will rely on the information I have given you on this form, which I confirm is complete and true. It is a criminal offence to knowingly supply false information to obtain a loan.

opinions4u

kirstgard wrote: »

Is it easier to apply for a mortgage as a single man, or to include my wife who does not bring in an income as she looks after our son?

Income wise it would make no difference.

But you are going to be asked your marital status and number of children anyway.

To say that you are a single man with no dependents would be a lie and a fraudulent act.

My concern is that if a mortgage company sees that I have two dependants then they might refuse a mortgage.

It would be a minor part of the affordability model at worst.

Is there any other reason for your question?

marlasinger

I think it depends on how the lenders perceive it. I'm in a similar situation, in that my husband is currently out of work; when I spoke to Barclays, they said I could still get a mortgage, but they would lend on my salary alone (obviously).

If they have an affordability test, and you pass it, then I don't see why not. Keep in mind, I haven't gone down the mortgage route myself yet, so can't say for sure.

To give you an idea, from the Woolwich website, their affordability test (after mortgage payments are taken out) is:

The following disposable income figures are our minimum requirements in establishing affordability:

• Single applicant needs £551 per month.
• Two or more applicants need £715 per month.
• Each dependant requires an additional £121 per month

Eg based on these figures, a family of two adults and two children would need a disposable income of £957.

VIGILANT22

The OP's affordability will be based on himself, wife & two kids........it could be they're in receipt of tax credits...which would be added to income