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Impact on lending amount - dependent/ SAHM
greenpanda
Posts: 50 Forumite
We've been in our flat for 6 years, with me being a stay at home Mum for the past 4 years. When we looked at moving our previous broker said that I would be classed as a 'dependent' as I'm not working. If we moved how much would this impact our borrowing amount? My husband now earns equivalent to our salaries when we got our current mortgage, we wouldn't be looking to borrow more and we've always been able to easily cover the mortgage.
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I think the broker is wrong although from a lending perspective it might have a similar impact.
It should not be a single application with you as a dependent, it should be a joint application with you down as a nil income. The main reason being if your husband were to pass away and the mortgage is solely in your husbands name, the lender would call in the mortgage. As a joint application they wouldnt.
The effect it will have will vary from lender to lender. Have a play around on some affordability calculators.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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