How to handle having kids and paying a mortgage?

Are you and your partner thinking about starting a family, but already have a mortgage to pay off? Or perhaps you are living in rented accommodation which, given you are already expecting a child, will be to small so you are looking to buy. Either way, handling a mortgage and kids can be challenging and is always please to offer advice.

having kids and paying a mortgage


Find a Stable Job

A stable job is one where you are paid for a set number of hours each week. Ideally, if regular overtime is available to work, this will increase your wage even more. If you are working on short-term or fixed-term contracts that don’t guarantee a minimum level of income each month, that isn’t going to help you get a mortgage. Basically, the longer you stay with the same employer, the better it looks to a lender. Similarly, if you are working for a business that is struggling and could go into liquidation, find another job. You might also need to consider giving up self-employment if you are unable to continually bring home a regular income.


Plan Ahead

Planning ahead isn’t just about decorating the nursery ready for the new born to come home. Raising a child is an expensive business and even if both mum and dad intend to continue working full-time, there will be a drop in your household income from when mum stops work to have the baby until both of you are back in full-time employment. Start saving now so you have a financial cushion during that period. You also need to think about all the clothes and equipment you will need to care for your child. Try to get as much as you can as cheaply as you can and don’t be too proud to buy second-hand when it is safe to do so. If you are planning to use disposable nappies, they can be a strain on your weekly income, start stocking up gradually so that when baby arrives you have a stash of them ready.


Save as Much as You Can

So, you have taken the advice given in planning ahead and now I’m telling you to save as much as you can. Well, I did say that managing a mortgage and kids was a challenge. You are not going to get a mortgage unless you have a large deposit. The greater your deposit and the higher your joint income, the more likely a lender will advance you enough to buy your own property. Mortgage broker is fast, easy and free to use. There is a mortgage calculator on their site that will help you. Saving a large deposit demonstrates that, not only can you live on your income, but you can also save. That says something about your prudence in financial matters and makes you less of a risk. Remember too, if you have a well above average income, the more you put down as a deposit, the less you will have to borrow and the lower your mortgage repayments or the term of your mortgage will need to be.



Have Children When You Have Sufficient Income to Pay Your Expenses

If only life were that simple! Nevertheless, it is good advice. Struggling financially because of a high mortgage while trying to raise a family can lessen the pleasure that comes from parenthood. It can also have a deleterious effect on your relationship. Today, Family Planning means you can give yourselves time as a couple to work as hard as you can for long enough to build up the funds you need to handle a mortgage and kids.


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  1. July 13, 2018 / 11:40

    An excellent writeup. Having kids and juggling work and a mortgage is tough. But it can be done!

  2. April 24, 2019 / 17:58

    Saving just a little at a time can indeed get you a really good amount of cash down the road. Even if you just save ten dollars a day, that is three, almost four thousand dollars a year! Do that for a few years and you have a down payment on a house.

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