First time buyer - student spouse info required!

StevieB1976

Hi

I am a first time buyer currently searching for a family home. I have a 10% deposit for a property I have seen and am interested in. The problem is that my wife is a full time student (therefore no income) and I have 2 young children. When I put myself down only on the mortgage search (HSBC) I can potentially get the amount I require, which is affordable with my monthly salary. If I put my wife down as an extra dependant then the amount drops dramatically and therefore we cannot make any movement on the purchase.

Has anyone been in this situation before, or can give me any advice on how to proceed?

Many thanks

(first time poster so not sure if I have put enough detail in!)

GMS

StevieB1976 wrote: »

Hi

I am a first time buyer currently searching for a family home. I have a 10% deposit for a property I have seen and am interested in. The problem is that my wife is a full time student (therefore no income) and I have 2 young children. When I put myself down only on the mortgage search (HSBC) I can potentially get the amount I require, which is affordable with my monthly salary. If I put my wife down as an extra dependant then the amount drops dramatically and therefore we cannot make any movement on the purchase.

Has anyone been in this situation before, or can give me any advice on how to proceed?

Many thanks

(first time poster so not sure if I have put enough detail in!)

Some lenders will not allow married couples to apply in a sole name so you would need to add your wife as a dependant.

If your income was sufficient then in theory you would be ok but 90% mortgages are very strict at present.

Do you get any additional income from Tax Credits etc? Some lenders will allow these to be added

StevieB1976

Thanks for the quick reply,

We get a small amount of tax credits and my spouse also gets £6k student loan per year. I can imagine that lenders wouldn't consider this as income however it could potentially be used to offset the monthly cost, but I have budgeted not to count this anyway. Is there a set percentage that they take off for each dependant???

SB

GMS

StevieB1976 wrote: »

Thanks for the quick reply,

We get a small amount of tax credits and my spouse also gets £6k student loan per year. I can imagine that lenders wouldn't consider this as income however it could potentially be used to offset the monthly cost, but I have budgeted not to count this anyway. Is there a set percentage that they take off for each dependant???

SB

Student loans would not be classed as income. Different lenders have different calculations for dependants. No set amount unfortunately.