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.