Impact of dependants on affordability

johndoe67812

Hi

is there a general rule as to how having dependants might impact on mortgage amount e.g. the amount mortgage amount might be reduced by per dependant compared to having no dependants.

thanks

K_S

There's no general rule. The impact of dependents on your maximum borrowing depends on the lender, how much you're looking to borrow, your income and the term.

ACG

If you are on £120k a year and have no debt and 1 dependent, you could find it has no major effect. Where as someone on £15k a year it might end up halving what they can get. 

As KS says, there is no rule, it is an affordability calculation that takes into account everything - income, expenditure, term etc. Some lenders do not even ask about dependents, but they will do a detailed income and expenditure calculation going through your bank statements line by line.