Trinity Financial has access to one large bank not currently reducing the maximum loan size it provides to borrowers with children.
If an employed couple with a combined income of £100,000 and a 25% deposit were buying a property, and they had a limited amount of debt on credit cards or loans, the bank could lend up to £475,000. This loan size stays the same for those with two or even three children.
Aaron Strutt, product director at Trinity Financial, says: “The lender is not currently factoring in the number of children applicants have unlike many of its competitors, although it will take childcare costs into consideration.
“Mortgage lenders use affordability calculations to work out how much you can borrow and they regularly change the credit score and income qualification requirements.”
If your bank is not providing a large enough mortgage because of your children or outgoings, there may be an option available to you through one of the lender's competitors or a specialist provider.
Call Trinty Financial on 020 7016 0790 to secure a more generous mortgage or book a consultation e