Anyone good with finance/mortgage ideas and can give an opinion? Nobody seems to have an answer!

[Bedh]

i am planning to have a baby asap for various personal reasons.

I have a circa 120k mortgage on a 280k house. I have 30k savings. I earn 65k.

I put the property on the market last week and it sold for asking price. I wanted to secure borrowing before my salary is cut however I can’t find anywhere. At the moment I can buy somewhere around 450k.

What will happen to my lending after a child? Will it reduce by half? A quarter? I have tried asking the bank and mortgage advisors and I can’t get a clear answer. In an ideal world I would find the perfect place and move now or I would wait it out in the current place for 2 years and look again then, which would make for an easy financial time during maternity etc as repayments on current place are low. But I don’t want to be in a position where my borrowing is drastically cut. I could save while in the current place but no idea if that would offset the reduced borrowing down the line? I am unable to get any direction from anyone so have resorted to posting to see if anyone has any knowledge!

*before my borrowing is cut not my salary is cut!

I'd work backwards.

Assuming you are a sole parent, you will need to pay for FT childcare. Find out the cost of that in your area, then see how much you want to spend on mortgage each month from whats left, and what that means you can borrow.

FWIW, I wouldn't want to pay child care and a 300k mortgage from 65k.

Alternatively, fill in a mortgage calculator, and put in dependant.

FWIW, I wouldn't want to pay child care and a 300k mortgage from 65k

I'm not sure you'd qualify so whether you'd want to or not may not be a consideration.

You'd have to pass affordability and you're unlikely to get a 4.5x income mortgage if you have nursery fees to pay for as well as the rise in interest rates stress test to pass.

Id do a couple of agreement in principle calculators and do a couple of different scenarios through that (you should be able to find some Ft nursery costs in yout local area). It should tell you what your max mortgage amount is. From there you can decide what you want to pay per month / be willing to pay per month.