Approved with 1 dependant but now were expecting another....

Heathen

Hi all,

We got approved a few months ago for a mortgage with 1 dependant, but we have now found out we are expecting our second child... I know when you have a dependant it reduces the amount you can borrow, but all the online calculators show no difference between 1 or 2 dependants... is this correct?

Just want to make sure it doesn't hamper our hopes of getting a house

cheers
H

ted1

Say nothing.

LirW

If you draw down before the second one arrives, you should be fine.

Congrats!

Gumbo

Probably the only time i'll ever quote Ronan Keating, but say nothing at all.

draiochtanois

This post has been deleted.

Samuel T. Cogley

Keep the wife out of 'turbo waddle' distance of the bank manager.

Fuzzytrooper

Samuel T. Cogley wrote: »

Keep the wife out of 'turbo waddle' distance of the bank manager.

Best description I've heard. I tell my wife she walks like a penguin

Sleeper12

Congratulations.

It's not a dependent till its born so technically you have nothing to tell them. I wouldn't mention it at all.

Askthe EA

But dont go to any meetings with the bank...

Mike3549

And dont use a card where pregnancy related descriptions might appear on the bank statement.

sulli

we were approved for mortgage on one child, had our second, said nothing and had baby, went through whole process and closed with no issues.

theboringfox

Out of curiosity what is the deduction done per child?

Always wondered too how can a bank verify that information

The Sparrow

theboringfox wrote: »

Out of curiosity what is the deduction done per child?

Always wondered too how can a bank verify that information

For AIB it is €250 per month.

theboringfox

The Sparrow wrote: »

For AIB it is €250 per month.

Thanks.

Seems funny you could get 35 year mortgage without discounts go off and have 4 kids but if you had 4 kids then got mortgage you would be given less. I suppose I find mortgages a curiosity that way. All the assessment is just a single point in time risk assessment.

pwurple

Been there, done that. Said nothing.
Get your skates on with the house buying.

Gumbo

The Sparrow wrote: »

For AIB it is €250 per month.

AIB are generous. Ulster Bank quoted us €400 per child.
We quickly forgot about one of our children during the process.

ELM327

theboringfox wrote: »

Thanks.

Seems funny you could get 35 year mortgage without discounts go off and have 4 kids but if you had 4 kids then got mortgage you would be given less. I suppose I find mortgages a curiosity that way. All the assessment is just a single point in time risk assessment.

Same as you can get mortgage and go get personal loan of 50k. You won't get the mortgage if you take the loan first, but once you get the mortgage you can do what you like it seems

catrionanic

kceire wrote: »

AIB are generous. Ulster Bank quoted us €400 per child.
We quickly forgot about one of our children during the process.

Did they not see your child benefit coming in once a month, and work out you’ve another kid from that?

endacl

kceire wrote: »

Probably the only time i'll ever quote Ronan Keating, but shay nothing at all.

If you're going to quote him, you might as well be accurate!

Gumbo

catrionanic wrote: »

Did they not see your child benefit coming in once a month, and work out you’ve another kid from that?

Paid directly into and collected from the post office. No record of it on any bank statements.

catrionanic

catrionanic wrote: »

Did they not see your child benefit coming in once a month, and work out you’ve another kid from that?

Don't show them the account that it's paid into or collect it from post office?