Mortgage Offer with Dependents??

J

JOHNROSS78

Guest
Hi,
I am looking for some advice.
Myself and my wife got mortgage approval from AIB back in May for €200K, and after a long search & negotiations have agreed a price of €220K with the seller.

My question is that we have just found out we are expecting our first child, so will we have to apply again for a mortgage, stating we have one dependent?? or will the existing mortgage offer still apply??

Thanks in advance.
JohnRoss
 
You do not have a dependant yet. Congratulations on your good news.

When do you expect to go sale agreed, as it's a long time since your mortgage offer in May, check the small print of this document to see how long the offer lasts. I cannot imagine it's longer than 6 months. Which is this month. If you do have to fill out another application form you would do well not to mention the pregnancy as they may reduce your loan offer.

I presume you've done your sums, that your mortgage term is not too long (more than 25 years) and that you've factored in the cost of a child, and stress tested your mortgage by at least 3%.
 
The offer would have only stood for 3 months, youll have to apply again.

Personally I wouldnt tell them you are expecting
 
Absolutely do not mention the pending arrival. If your wife is obviously pregnant then keep her away from the bank (or at least wear concealing clothing if she must go to the bank - although I can't think why she would have to go).
 
Thanks for all the replies,
I never even taught of not telling the bank, I taught we had to tell them if our situation changes?
Are we not breaking the contract or something if we fail to mention we are expecting a baby? Or does our baby have to be born before we tell the bank?

Your right shigllgetcha, our mortgage approval was initially for 3 months but at the end of August the bank rang asking do we want to extend the mortgage approval for a further 3 months which we did by just sending in 3 months payslips.

We are fairly confident the sale will go through before the start of December, (Well as confident as we can be) so that shouldn't be an issue.

Thanks vandriver, but I don't think the childcare costs will be an issue to us,( I don't know about the bank though?) Our mortgage payments will actually be approx €200 less than our current rent, so it will be more affordale buying than renting at the mo.

If we do decide to tell the bank, how much do they usually knock off for a dependent?

Thanks again
 
The application form will ask have you dependents, until your child is born you do not, you are telling the truth.
 
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