Kids affect mortgage?

[MimiBeee]

Will having 8 children affect our chances of getting a mortgage ?

We have an income of around £80k . We don't spend on childcare and we don't receive any benefits . No debt so the only potential issue is that fact we are a large family ! Does anyone know if we are likely to get accepted for a mortgage ?

Thanks :)

The mortgage company would want to know how many dependants you have and use some sort of formula to factor them in. I have no idea what the formula is though.

It'll affect affordability on their calculators as even without childcare costs, you're feeding, clothing, entertaining, and housing more people so bills and outgoing will be exponentially higher than say a couple with no kids.

The only way to know is for you to speak to a mortgage advisor.

Contact London and Country mortgage advisers, still recommended by money saving expert and don't charge a fee so you can ring for advice. And yes, having £80k to support two adults is very different than needing to spend on dependent children even with no childcare costs.

Yes, we have 4 and it does affect lending decisions. Use a broker to get the best deal you possibly can.

It affects your affordability, so is very likely to affect the overall amount you can borrow.

Yes because your outgoings are higher

It might be relevant if you have a 50% deposit and only want to spend 100k on a house - are you at the top or bottom end of affordability with your circumstances and the properties you're looking at?

It will affect your offer. I have 2 teenagers and have plugged in figures for 2 children and 0 children and there is a stark difference.

We are hanging fire for a few years until they are off to uni.