Loan offer from bank (partner due baby in 5 weeks)

wazzer1

Hi All,
So as you can see from title, we got a formal loan offer from the bank today. We both have to meet the bank as well, only catch being they dont know about the impending arrival. Will it affect it at this stage does anyone know.
Thanks
P.s, on our original application we were only asked about the 1 child we have. And at that stage we didnt know about no.2!!

fits

Is it a mortgage? (just curious)

wazzer1

Oh yeh sorry forgot that bit

Gumbo

wazzer1 wrote: »

Oh yeh sorry forgot that bit

They will adjust your income l gels downwards to allow for the child. Most banks seem to do it at €250 per month or there abouts.

Have you picked a house yet or still looking?

wazzer1

Yeh have a private sale agreed. So theyll review the amount offered now is that what you mean? Thanks for reply.

mayota

I wouldn't tell them, it's not China.

wazzer1

Haha, its pretty obvious at this stage though, big coat it is so

Armchair Andy

.

wazzer1

Well we've only been down there once so no not really

athtrasna

Mod note
Just a reminder that suggestions of fraud or deception are not tolerated on this forum. Thanks

wazzer1

Fraud? Its a genuine question. If it wasnt such a grey area I wouldnt be asking.

athtrasna

wazzer1 wrote: »

Fraud? Its a genuine question. If it wasnt such a grey area I wouldnt be asking.

It wasn't aimed at you, rather nipping a potential suggestion in the bud.

nhunter100

A new baby is expensive as I'm sure you and anyone who has children know. You have to ask yourself can you still make the repayments? Also the bank will take note of the impending arrival, they would be irresponsible not too.

listermint

The bank will 100% downgrade the amount available to you based on you bringing your visibly pregnant wife in with you.

Reati

wazzer1 wrote: »

Fraud? Its a genuine question. If it wasnt such a grey area I wouldnt be asking.

I think he meant not disclosing something that will affect you financially and your ability to repay might be viewed as deception/fraud by a bank. You are required to tell them if you have dependents, but if the child isn't born, it's not yet a dependent. Tis the grey area you noted.

Anyway, same thing happened to me. Everyone was like oh don't tell them, they will make it harder or they'll refuse you blah blah. We told them. Nothing changed. They were happy we still met all the thresholds they had and could make repayments. The amount we could borrowed was not lowered, but we were not looking for the maximum. Now, this completely depends on your own peronsal financial situation, your savings, borrowing amount etc. I found them to be very understanding as Banks expect couples to have children at some point.

They don't go mad or punish you for having them. They run the risks and check you are still viable to lend too. Honesty probably suits one better if, god forbid, one needed help or ran into issues with your mortgage repayments down the line.

ted1

I can never understand this , a mortgage is for 30 years. There's a huge chance that a vou Le who have just bought a home will have a baby within 18 months, so why just reduce the amount for a couple with a child ?

We didn't have to see AIB when we got our loan as we did it over the phone and only once had to sign a form in s branch , but the branch were not bothered looking at the form as it was going straight into the internal post . We may or may not have had 2 kids when we draw down on the mortgage for our family home

rahenyrover

listermint wrote: »

The bank will 100% downgrade the amount available to you based on you bringing your visibly pregnant wife in with you.

This is just completely untrue. Some banks may but most don't factor it in. And definitely not at this stage after making a formal loan offer. If affordability was tight in the assessment stage it could have come up then but after loan offer they absolutely won't.

Jen44

its doesnt make a huge difference! Be honest the fact you are sale agreed they may not even mention it however i wouldnt hide it if asked!