Chances of a mortgage with 3 kids?

M

Mortgagewish

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Hi there, just hoping for some advice here or anyone with experience of applying for a mortgage with kids?

My husband is a public servant the past 12 years, salary 38k. I work part time, earning approx 5k a year.
We are currently renting the past 11 years rent of 1100 a month, and will have about 40k in the next year for a deposit with our savings and gifts etc.

However we feel with 3 kids ,the banks probably won't be able to lend to us with the net disposable income rule. Is there any exceptions to this rule? Or a bank that overlooks kids?

It's like we are going to be locked out of the property market for having our kids early. We were hoping to borrow 180-200k.
 
What's your net take home pay (combined) and what age range are the kids (are they all under 12?)
 
It would depend on a few factors .if you can borrow over 35 years you should be able to borrow around 160k but the bank may make exceptions to this
 
Try Ulster Bank. They'll include part of children's allowance as income for affordablilty assessment. But I think you'd still be borderline.

You should also look at the criteria for the Rebuilding Ireland Home loans if you can't get a mortgage from a bank - it's designed for people in your circumstances.
 
You qualify for affordable housing don't you? Have you looked into that
 
Mortgagewish said:
I thought they didn't do that anymore no? Wasn't that a particular scheme years ago with particular houses that were built especially?
Click to expand...

Apologies, you are probably right. I thought they were building a significant number of affordable housing across the local authorities but it might be just restricted to very limited developments and locations.
 
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