Mortgage Applications, Returning to Work & Childcare Costs

Rainforest_Garden

Hello,

I posted this elsewhere, but think I must have posted incorrectly as there have been no responses. Apologies for the duplication.

I need to make the decision whether to go back to work full-time, part-time or at all after maternity leave expires. Unfortunately, my salary will only just cover childcare costs (and we're not eligible for any sort of benefit.) Thankfully we can manage on my husband's salary alone for a while. Obviously there are many benefits to going back to work (long term job security, pension contributions, sanity, etc.) and many benefits to staying at home (time with children, time to implement money saving ideas, sanity, etc.) What I don't know is whether we'd be looked on more favourably by mortgage providers if we're a dual income family. Would it be advantageous to have a higher family income even if the rise in family expenses (childcare and commuting) more or less cancels out the extra income?

Not sure if this is relevant, but we currently have a mortgage on a tiny one bed flat - just aware that with a little one joining us we'll eventually need to upgrade to something bigger.

Obviously, this is only one thing to consider in a complicated decision, but I'd appreciate any feedback anyone can offer.

Many thanks.

amnblog

If your 2nd income = child care costs you are not a dual income family.

I would not recommend a 'tiny one bed flat' with a new baby.

Perhaps you should look at Help to Buy properties and speak to Kingstreet (regular poster on here) about affordability.