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Mortgage Application & Dependants (Single Father)

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  • 26-07-2017 10:47pm
    #1
    Evd-Burner
    Registered Users Posts: 1,456 ✭✭✭


    Hi all, I've been saving for a deposit to buy my own place. I'm probably about a 18 months away from actually buying. My query is in regards to dependants, I have 2 children that I have from a previous relationship where I pay maintenance. It seems on the calculators that I'm being double hit in how much I can borrow.

    For example and to make the calculations easier say my salary is 100k and my child maintenance is 1k per month with 2 dependants.

    Results:
    350k approved with no dependants or maintenance
    300k approved with 2 dependants
    200k approved with 2 dependants and 1k maintenance per month.

    Note that these are not the actual results, the results seem to differ much more at my actual salary level.

    I do pay maintenance but my cost to have the kids I feel would not be the full whack that the banks seem to reduce twice. Any body here have any experience with this? When it comes to an application do they look more specifically at my expenses and circumstances?

    Thanks in advance.


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    #2
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    If you are paying 1k per month then you effectively don't have dependents (they are the other parents dependents and you shouldn't double count). Also relevant is whether the 1k is court ordered or voluntary as that will affect your net income available.


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    #3
    Evd-Burner
    Registered Users Posts: 1,456 ✭✭✭Evd-Burner


    It's not 1k. They are just rounding figures, there is however a maintenance order. I just don't want to put it up on a public forum the exact amount.


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    #4
    awec
    Administrators Posts: 53,839 Admin ✭✭✭✭✭awec


    jimmycrackcorm wrote: »
    If you are paying 1k per month then you effectively don't have dependents (they are the other parents dependents and you shouldn't double count). Also relevant is whether the 1k is court ordered or voluntary as that will affect your net income available.

    Is this not more for the recipient of the maintenance payment and whether or not they can count it as part of their income on their application?
    Evd-Burner wrote: »
    It's not 1k. They are just rounding figures, there is however a maintenance order. I just don't want to put it up on a public forum the exact amount.

    Yea but I think jimmy means whatever the payment amount actually is it replaces you having dependents.


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    #5
    Evd-Burner
    Registered Users Posts: 1,456 ✭✭✭Evd-Burner


    awec wrote: »
    Yea but I think jimmy means whatever the payment amount actually is it replaces you having dependents.

    Thanks for the clarification, I might be able to afford to buy where I want to after all :)


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