Mortgage with a child.

kingstreet

Neutrinno wrote: »

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.

Child benefit payments coming in are the usual give-away.

Neutrinno

kingstreet wrote: »

Child benefit payments coming in are the usual give-away.

Yes, should of also added 'income'!

ACG

Will your gf be dependent? Will she be receiving tax credits? Will she be receiving maternity pay?

Chances are one child will not be a major issue, I am applying for a Mortgage and have a child due in April. I checked with 2 lender and having one kid had no impact on how much they would lend with either.

I did a mortgage last month, the applicant had 3 kids although none lived with him. I checked with the lender whether they would want the kids declared or not (they said not) but I ran it through on their calculator, they would have offered the same amount for 3 kids as they would for 0!

So as kingstreet said at the beginning, have a mess around on the lenders affordability calcualtors and see what the outcome is.

Just declare everything honestly. Kids do not show on your credit reports, but there could be give aways on the bank statements - tax credits/child benefit or spending loads at mothercare for example.

scoops82

I imagine any Child Benefits will get paid to my partner.


By the sound of it, it wont be a major issue if we look to re-mortgage or move home, especially as we only use my salary to base this on.


Out of interest, does would the outcome change if we were married?


Thanks for all of your replies.

minimike2

cooltt wrote: »

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!

I love the great British Public.

When reckless lending was going on and the world financial system came close to collapse, banks are evil and everyone in financial services should be ashamed of themselves.

When lending is more controlled and more sensible policies and checks are applied banks are tight and don't lend enough and people should lie to get themselves more lending than they can afford.