Possible mortgage amount with decent deposit,1 single low wage & dependents?

crazyoldmaurice

Due to chat to a broker on Monday but just wondering what is possible and manage expectations before then?

Partner has salary of 32k pa, stable job
I'm a stay at home parent to 3 under 5 
Not married but together 15 years
I have 60k saved
Partner has 40k saved with parental gift of 15k
Partner has excellent credit history and we have no debts of any kind
Just sold a shared ownership flat so previous mortgage paid off, living with family.

I fear we are stuck because of my lack of employment till baby is older would bring the borrowing capacity down Vs if my partner got a sole mortgage.

But if I'm not included in the mortgage etc how can I gift the deposit if I'm not considered immediate family?

Any insight would be great. Ideally we wanted to avoid shared ownership again as we have a reasonable deposit but it just doesn't seem possible. 

K_S

@crazyoldmaurice Your 3 dependents may have some impact on how much you can potentially borrow. The longer you can stretch the term to (most lenders will let you go up to 70 years of age), the better your affordability will be.

Leaving you off the application is unlikely improve borrowing, there's no obvious need for that.

Your broker will give you a more accurate number. But based on the limited information in your post, at the low LTV you're looking at, with the right lender you should be able to borrow a maximum of 4.5-4.75 times your partner's income.

crazyoldmaurice

K_S said:

@crazyoldmaurice Your 3 dependents may have some impact on how much you can potentially borrow. The longer you can stretch the term to (most lenders will let you go up to 70 years of age), the better your affordability will be.

Leaving you off the application is unlikely improve borrowing, there's no obvious need for that.

Your broker will give you a more accurate number. But based on the limited information in your post, at the low LTV you're looking at, with the right lender you should be able to borrow a maximum of 4.5-4.75 times your partner's income.

Thank you for the reply!
Do you mean 4.5 x salary not including dependent deductions or including them? 

K_S

crazyoldmaurice said:

K_S said:

@crazyoldmaurice Your 3 dependents may have some impact on how much you can potentially borrow. The longer you can stretch the term to (most lenders will let you go up to 70 years of age), the better your affordability will be.

Leaving you off the application is unlikely improve borrowing, there's no obvious need for that.

Your broker will give you a more accurate number. But based on the limited information in your post, at the low LTV you're looking at, with the right lender you should be able to borrow a maximum of 4.5-4.75 times your partner's income.

Thank you for the reply!
Do you mean 4.5 x salary not including dependent deductions or including them? 

@crazyoldmaurice The income-multiplier is the upper limit. The dependents may or may not reduce that amount, that depends on the rest of the scenario, the details, the lender etc.