I bought a house in 2019 as a first time buyer. I was single back then, but shortly after met my husband and we have had two children since then (yeah, I know....but when you're in your 30s you don't have much time left 😂)
Anyway, so the mortgage is only in my name. My husband owns property abroad, but not in this country.
We've put the house on the market recently, because we're not happy with the schools here and want to move to another area.
I have another job now and I earn more than I did in 2019. My credit rating is also excellent and I don't have any other debt other than my mortgage.
I applied for a mortgage in principle and while they were willing to lend me 4.75 x my salary in 2019, it is now only about 3.5 x my salary.
Is that because of the increased cost of living? Is it because I have two kids now?
My husband pays for their childcare and he also pays for our bills.
When I did my mortgage in principle, the mortage advisor said that she couldn't factor in that my husband pays for the bills. She said as I applied by myself, their algorithm already factored that I'm paying bills.
The current equity I have in my property is about 43 % ( if I calculated it right).
I am just wondering whether it would be worth it to do a joined mortgage application and if we could get more money this way?
My husband is financially responsible, but he has a loan he needs to pay back and his credit rating isn't as good as mine.