Co-dependents scoops82

#1
Hi





I need to re-mortgage in June and ideally I would go for a 2 year fix and then change every couple of years as I cant see the rates changing any time soon.





The current mortgage is in my name only and on the remortgage we want to borrow up to 4.5x my salary to get a new roof/windows and driveway





In the next year or so we would like to have children - therefore im wondering what impact are likely to have on affordability? Would I struggle to remortgage with the additional costs of a child? Would they also then include my GF in affordability? We are trying to avoid that if possible because of her credit rating.





With a 2 year fix will I run into trouble later on with affordability?

Am I better of planning for a 5 year fix so that we don't have to go through the checks.





Thanks

S

#2
Yes, children impact on affordability.



Whether you take a two or five year rate now is a matter for you.



You don't know for sure if you will have children when your rate ends (or how many). Nor what your income will be. Nor what the income rates will be. Nor what the affordability rules will be.



Do what makes you feel more secure.

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