Mortgage with baby on board!

gavin_gil

I had a search but couldn't find any threads on it.

I'm hoping to go for a mortgage either at the end of this year or the start of next year. We are expecting our first child in September, very pleased and excited but would anyone be able to give me an idea of what difference that will make on what I can borrow?

I have a few things to pay off before I go speaking to a mortgage broker and just wanted an idea in the meantime :money:

dj.boz

We are in the process of purchasing. Arranged an DIP before our daughter was born, then completed the full application after she was born (all through Nationwide).

As my wife is planning on going back to work full time then there was no difference in the amount we could borrow (though obviously we now have a dependant, so that adjusted the figures). If my wife planned on either not going back, or going back part time, then you need to calculate that accordingly. I would jump on the relevant lenders website and use there affordability calculater.

I did worry at the start as to whether banks would give mortgages to 'those in the club!', but it seems the do!

Boz

gavin_gil

Thanks for the reply.

dj.boz wrote: »

(though obviously we now have a dependant, so that adjusted the figures).

Did it make a big difference? I'm not looking specifics, its just we are going to build and every penny counts!

kingstreet

Having a dependent pulls down your maximum borrowing, but child benefit and tax credits are accepted as part of income by many lenders.

Play with lenders' online affordability calculators to see the impact.

Nationwide

http://www.nationwide-intermediary.co.uk/calculators/aff_calc

Halifax

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx