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Mortgage expires after 6 months question.

  • 26-02-2021 8:48pm
    #1
    pkvader
    Registered Users, Registered Users 2 Posts: 329 ✭✭


    Hi,we are in the process of applying for a mortgage ,our jobs are rock solid,our credit history squeeky clean,no loans,good savings etc etc,we have 2 kids.With regard the mortgage ,you have to go through the application process again after 6 months if you havent found a house.What is the impact of having a 3rd child on the application the 2nd time round?.Lets say we get approval for a mortgage of €300k first time round,six months passes by and we have to apply again,this time theres a 3rd child in the mix,is there likely to be less of a mortgage available to us?
    Any opinions appreciated.
    Thanks.


Comments

  • #2
    wench
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭wench


    You may not have to fully re-apply, just update payslips to extend approval.

    If it does require a full application, most providers reduce the amount you have available to pay the mortgage by about 250 per child.
    So if you were close on the affordability now, it may reduce your offered amount.


  • #3
    pkvader
    Registered Users, Registered Users 2 Posts: 329 ✭✭pkvader


    wench wrote: »
    You may not have to fully re-apply, just update payslips to extend approval.

    If it does require a full application, most providers reduce the amount you have available to pay the mortgage by about 250 per child.
    So if you were close on the affordability now, it may reduce your offered amount.
    Ok,thanks for the reply.


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