Mortgage..4 kids

A

Anonxxx

Registered User
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Hi folks,

I have just had my fourth baby and we live in a 3 bed semi. We will need to buy a 4 bed down the line. We need to clear our car loan and credit cars first,which we are prioritising at the moment.
What income would a family of 6 need to qualify for a Mortgage?
Am I right in thinking we would need 3000 a mth plus mortgage repayment to meet the banks affordability calculations?
I stay at home with the kids,is that a major no no when applying for a mortgage? Thanks for any info you can give
 
Don't know the income requirements these days but someone will probably be along to tell you :)

As for the staying at home with the kids, that makes no difference if the other person's income is sufficient for the bank's criteria. If you were out of the home working you would probably have child care costs anyway.
 
Ulster Bank may be your best bet as they allow part of child benefit in the calculations and factor in that you are stay at home. If securing a mortgage proves too difficult then you could alway consider an attic conversion (probably 15 to 20k).
 
Anonxxx said:
Hi folks,

I have just had my fourth baby and we live in a 3 bed semi. We will need to buy a 4 bed down the line. We need to clear our car loan and credit cars first,which we are prioritising at the moment.
What income would a family of 6 need to qualify for a Mortgage?
Am I right in thinking we would need 3000 a mth plus mortgage repayment to meet the banks affordability calculations?
I stay at home with the kids,is that a major no no when applying for a mortgage? Thanks for any info you can give
Click to expand...

You're about right. You'll need about €3k a month living expenses and be able to prove you can pay a stress tested mortgage repayment if rates went up by 2%. Your current mortgage payments can be part of this amount. So can discontinued loans if you start saving the repayment amounts once the loan is finished. As second time buyers, you will need 20% deposit as well.

I wouldn't worry too much about being a stay at home mum. Banks look for childcare costs these days, so with 4 kids, that'd cost a few grand a month which would be a factor in how much you can borrow. If your husband's income is strong enough, you can borrow off that alone. Remember, you'll be restricted to a maximum of 3.5 times salary anyway under Central Bank rules.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Thanks for all the info,appreciate it. I just want to set a savings plan into place and hopefully in the not to distant future we can get a bigger place. Well that's if house prices don't get crazy again.

We are paying the mortgage on the 3 bed so don't own it yet. I'm in Clare.

Can't do the attic conversion because the chimney and water tank are right in the middle of it and have no where to put the stairs up to it either
 
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