Amor Financial Services
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Do my children affect how big a mortgage I can get?

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Do my children affect how big a mortgage I can get?

Your children are your be all and end all, they're the reason you get up in the morning and why you work so hard. But, unfortunately, as far as most mortgage lenders are concerned, they are viewed as liabilities, as they represent a financial commitment .Having children may therefore impact on how much money mortgage companies are willing to lend you. Our skill is in finding lenders who will consider your family commitments but still give you the loan you need to buy your dream family home.

Amor Financial are based in the heart of Tunbridge Wells and offer mortgage services throughout Kent & Sussex 

Mortgage affordability criteria

There’s no getting away from it: children are expensive – and mortgage lenders know this, that’s why ‘Do you have children?’ is one of the key questions on any mortgage application form.

And your answer will impact on the lenders’ affordability criteria.

Not all lenders are the same

But, as with all aspects of mortgages, some lenders are more generous than others in different circumstances. If you go straight to your bank, you may find that the amount they are willing to lend you, given your family commitments, won’t be enough to enable you to buy the property you are after.

That’s why it pays to go to a specialist, independent mortgage broker, who knows the market and has access to nearly all the products available.

Finding the right lender

You also need a mortgage broker who is willing to comb the market to find the right lender with the right product to match your circumstances. Even with children, some lenders will be willing to give you a mortgage that is four or five times your salary, especially if you have equity from your current property. At Amor Financial, our key skill is in finding the right lender and product for your situation to help you buy your dream house in a way that is affordable – and we’ll put in the time to explore the market to find the product that best matches your needs.

Making your mortgage easy

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