How much does a dependent effect mortgage eligibility

Liberty__Belle

Hi there,

My husband and I were granted mortgage approval for a max of 146K (80% LTV).

We did not manage to purchase property during the 3 months when the mortgage approval lasted so we have to re-apply.

The difference this time is we have just had a baby.

Does anyone know how much less money we are likely to get because of the baby? Luckily we have very kind relatives so we will not have any child care costs.

Sala

I'm not sure if it's a hard and fast rule, but I've read a few posts here that said they needed 2,000 per couple plus E250 per child left after the mortgage. But if you were quoted a maximum of 146k based on income, would you have had the 2000 a month left over after that mortgage? If not maybe your lender doesn't use the above figures strict.

Liberty__Belle

Interesting.

Thanks for that. It's a good benchmark to go by.

foxy06

My offer was dropped by 15k after a baby. That was 90% of 160k mortgage.

Iamhere

We were approved for 118200 at 92% LTV over 25 years but had to reapply due to delays, we were then offered 109,000 as a max over 25 years (15% LTV), it sounded like they (AIB) would of given us more but over a longer period. Our new offer came through last Friday so this info is recent enough....

Liberty__Belle

Great. This is really useful information.