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Having a baby in the middle of mortgage application

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  • 15-02-2011 4:04pm
    #1
    Mick990
    Registered Users Posts: 105 ✭✭


    Hey everybody once again i would like to apologise if this has already been covered or in the wrong place :)

    We started applying for a mortgage last May when we found out my girlfriend was pregnant. We taught we would have everything sorted by the time Junior came along but it turned into a real pain in the neck, every week the bank were ringing us double checking things or looking for new paperwork .
    However we finally got our approval just before xmas and have now picked out a lovely house. The problem is my baby was born in December and now i am wondering how will this effect us or will it effect us at all seen as we have already got our approval ??

    Any help on this would be greatly appreciated


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    #2
    Dymo
    Registered Users Posts: 1,561 ✭✭✭Dymo


    Banks don't really care whether you have a family or not, it's more interested if your able to pay the mortgage. Will this effect your ability to make payments for the mortgage.

    I wouldn't voluntarily give the information to the bank though because I'm sure it could effect your application in there eye's.


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    #3
    fricatus
    Registered Users Posts: 5,081 ✭✭✭fricatus


    I've heard from a number of sources that banks are pouncing on every excuse they can in order to withdraw mortgage approvals, or reduce the amount approved.

    I would say nothing, but at the same time, you and your OH should still do a serious sanity check on your finances now, for your own sakes. There's no need to rush into buying a house these days.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Unless my maths are wrong and Im also using your language in the first post as clarification your girlfirend was already pregnant when you applied for your mortgage.

    So when they asked if you had any dependants which would have been on your application form you called out the fact you were expecting a child I assume ?

    If not then obviously telling them now would impact on their calculation regarding your suitability for the mortgage. Why would you tell them now though ? You have your approval if you can afford it and your child I dont see any reason to essentially put yourself behind the eight ball.

    that said I suggest you take a very honest appraisal of your situation when workign out your ability to pay. Childeren arent cheap


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    #5
    Mick990
    Registered Users Posts: 105 ✭✭Mick990


    Hey everybody thanks for all the replies and advice I just want to clear a few things up.

    Firstly yes my girlfriend was pregnant when we applied but as i said i taught we would be living happily ever after at this stage.

    I won't go and volunteer the information however I think the bank will ask us for more bank statements so then they will see my girlfriends maternity money going in and we will have to explain it.

    We have done our calculations and stressed ourselves to 7% and we should still be ok at that.

    The bank have passed us to 215,000 however we only need a mortgage for 171,000 so i think even if the bank re calculate we should be ok

    but

    I agree totally with what Ficatus is saying with the bank looking for any reason to pull the approval, especially with all the hoops they made us jump through just to get the approval

    Thanks again peeps :D


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