Can my ISA dividend income be used towards getting a first-time mortgage?
I receive a steady stream of dividends totaling £15,000 per year (and rising). These dividends are from shares held in an ISA. I have a 10+ year record of receiving these dividends, and seeing them rise.
However, when I use these generic online "how much can I borrow" mortgage calculators, it tells me £167,000 would be normal. I find this astonishing as I'm basing it off two full-time incomes of £24k each and these £15k in dividends. There's also about £2k in child benefit. I mean, we're looking at having at least £5,375 per month when making the application. We currently live abroad, so I'm basing this off a conservative estimate of what we could easily expect to earn with full-time jobs. The likelihood is that we'd earn more over time and once settled in. I'm seeking a 25-year mortgage and I'm debt free. And I have a £100k deposit.
So, can my ISA dividend income be used towards getting a first-time mortgage?
Much appreciation in anticipation of a reply.
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