Applying for mortgage, advice please!

[vix1]

Hi, I wondered if anybody knows if mortgage companies take into account if you have children or are pregnant as to how much they lend? My partner and I are connsidering starting a family soonish, but I wonder if we wait to apply untill pregnant or have child, if they will not lend as much?

most mortgages work on income multiples so no

some work on affordability so yes

We have a very small mortgage with Nationwide at the moment, so would like to stay with them. The affordability calculator doesn't ask about children but I cant remember if they asked when we actually went in to see them, never mind

We've got a mortgage with Nationwide. I remember that they do ask if you are planning any lifesyle changes in the future; this would include things like having a baby, but I think this is only to ensure you will be able to afford the mortgage. If your income will drop once you've had a baby you need to take this into account as they will base the mortgage they will give you on income. I'd go and see someone and tell them you are thinking about it, they'll be able to tell you what they'll lend you now, then you can look at the calculations and work out if you would get the same once you had a baby if you're income dropped. We bought our current house before I got pregnant, but when we were planning a family, and I know they wouldn't lend us the money we borrwowed if we asked for it now as I only work part time, but we worked out that we could afford the mortgage anyway. It all comes down to income.

I dont see why you need to tell them because surely if you do you dont get the mortgage whereas if you dont you're not breaking any law and you get the mortgage but then its up to you to be able to pay it of course.

I was planning a baby when we got the mortgage and it didnt matter one bit nor did they ask nor would i tell.

We could afford the repayments if Im off work, it will just be a little bit tight. I think I may enjoy this year and relax. Hopefully next year we want to have a baby, move house, and set up Childminding! My problem is that we need to wait for partners pay rise in April to get a good mortgage offer, I need to ideally have a due date of August as that is when my job is due to end, and we will need to have moved house by then!!
Somehow I dont think it will go to plan as easily as that!

Agree with Isyhan. Don't tell them. If the shoe was on the other foot, I bet they wouldn't tell you.

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