Mortgage with a child.

scoops82

Hi Everyone


Its been a while since I last posted anything but I was onwdering if anyone can adivse on the situation below(it wont happen for another 18 months but I like to stay ahead of the game)


My Salary in 18 months will be= £33k
O/S Mortgage = £120k
House Value = £175k


I live with my GF and we are expecting our first child in May - how much is that likely to effect my mortgage chances? Its currently in my name only as my GF has bad credit and is on about £13k is she returns to work full time.


Will we have a affordability issues based on just my income?


Thanks

kingstreet

Try lender affordability calculators with your chosen mortgage term and outgoings.

cooltt

scoops82 wrote: »

Hi Everyone


Its been a while since I last posted anything but I was onwdering if anyone can adivse on the situation below(it wont happen for another 18 months but I like to stay ahead of the game)


My Salary in 18 months will be= £33k
O/S Mortgage = £120k
House Value = £175k


I live with my GF and we are expecting our first child in May - how much is that likely to effect my mortgage chances? Its currently in my name only as my GF has bad credit and is on about £13k is she returns to work full time.


Will we have a affordability issues based on just my income?


Thanks

It very much depends on what you tell them doesn't it....for example, children don't appear on your credit report or incomes.... It's all just a game, bend the rules in your favour.

Thrugelmir

cooltt wrote: »

It's all just a game, bend the rules in your favour.

Not a game when it screws up your own life. Many people end up with regrets after being overly optimistic. Rather than applying basic common sense.

cooltt

Thrugelmir wrote: »

Not a game when it screws up your own life. Many people end up with regrets after being overly optimistic. Rather than applying basic common sense.

Said every successful businessman ever........NOT!


Everyone knows the current lending criteria is ridiculously tight, hence people on 150K can't get a 400K mortgage because they buy an extra pack of nappies every week!

scoops82

I would probably only want to stay where I am but get a better rate than the SVR at the time.


I was wondering if I would have to declare my GF and baby as dependants or just the child?


Moving would be a bonus but I wouldn't be fussed if we cant.

Thrugelmir

cooltt wrote: »

S
Everyone knows the current lending criteria is ridiculously tight,

They think they know. Which is the real issue. Lending regulation was necessary due to the poor lending practices of the mortgage boom era. The legacy still exists and remains unresolved.

NOVAMET21

scoops82 wrote: »

I would probably only want to stay where I am but get a better rate than the SVR at the time.


I was wondering if I would have to declare my GF and baby as dependants or just the child?


Moving would be a bonus but I wouldn't be fussed if we cant.

Try using the affordability calculator and then you will get your answer. I normally use Santander tool as I'm with them but I like to use Nationwide too as they seems to lend you more than Santander.

Typhoon2000

scoops82 wrote: »

I would probably only want to stay where I am but get a better rate than the SVR at the time.


I was wondering if I would have to declare my GF and baby as dependants or just the child?


Moving would be a bonus but I wouldn't be fussed if we cant.

I think the game here is the common one where one is deemed not to be able to afford a cheaper rate and lower payments and be stuck paying more.
That would be the mortgage regulations designed to save you ...

muhandis

If by "stay where I am" you mean sticking to your lender, at the end of your current fix you can choose to do a non-advised product switch online as long as there is no increased borrowing or change in term.

In that case there should be no new affordability check and you won't be asked about your income, dependents, etc.

scoops82 wrote: »

I would probably only want to stay where I am but get a better rate than the SVR at the time.

I was wondering if I would have to declare my GF and baby as dependants or just the child?

Moving would be a bonus but I wouldn't be fussed if we cant.

Neutrinno

cooltt wrote: »

It very much depends on what you tell them doesn't it....for example, children don't appear on your credit report or incomes.... It's all just a game, bend the rules in your favour.

I'd definitely avoid this advice.

Plus, if the lender would want to see bank statements it may be pretty obvious you have a new born dependent judging by your outgoings.