mortgage and dependents question

moonbeamsatdawn

hi I would appreciate some advice ad info here as i have scoured the internet with no joy, and my mortgage adisor was a bit useless.
basically I recently had a sole mortgage application declined as my income was to low with 2 children/dependents. i was wanting to buy out my husband.
As it is now I will sell up in 4 years when my youngest leaves college, and split equity 50 50.
this wll give me a healthy deposit. but Im worried sick about it being declined again as I dont know how it works. at what age are children non dependent? they will stillbe living with me, willthey have to also provide income details etc
any info welcomed, once the application was refused my bank wasnt interested in any questions

ACG

There is no set age.
Are they financially dependent on you or not? - With all respect, its not a difficult question to answer.

Bare in mind, if one lender has declined you on affordability it does not mean all lenders will.

Thrugelmir

Why not maintain the existing mortgage until such time as you ready to sell up. This is the normal practice is such situations.

-taff

It will be your income and deposit that matter in 4 years time unless you have a joint mortgage with your kids.
The'd be non-dependent if you're not paying for them and they have jobs or grants

moonbeamsatdawn

Thankyou Taff , that makes sense. So if upon leaving college they get jobs, then I will be classed as just me no dependents.
I have to ask tho how will the bank know that they are indeed in work. Do they ask for proof?
Also you mentioned a grant. Is this a university grant you mean?
What if one of them might be on job seekers when I have to sell up , will this affect my affordability?

Wh05apk

Generally if they are over 18 they will normally be classed as non dependent, as theoretically you could kick them out to fend for themselves.