Abbey - Agreed In Principal - Help Needed!!

northernmonkey09

Hi,

Me & my partner have just had a Mortgage agreed in principle with the abbey,
Does anybody know if the abbey take the full amount of child tax credit into account when considering a full application or do they deduct the childcare costs from this amount.

Any advice would be much appreciated, Many thanks.......

_Andy_

What did you declare on the application?

northernmonkey09

Our financial advisor did the application and he put down the total amount we recieve in both working tax and child tax credit, Like i say we have been AIP but i was wondering what was the procedure regarding child tax?

mumof2girls_2

Ive just been accpted with Abbey, just ready to sign docs to finalise. My broker told me that Abbey do not take t/c's into account therefore it was not submitted on my application which I had wanted it to.

But he could be wrong.....;)

northernmonkey09

They do def accept it as they have requested the relevant proof, However we need to know that they do not deduct from the amount. Can anyone shed some light on this please, Ive tried to find some info online but alas to know avail....

space_rider

I just gave them the full amount of tax credit I receive per month. Mine was done via a broker just over 2 years ago.

northernmonkey09

Thanks for the reply, My issue is say for example we get £5000 per year child tax credit and our childcare costs £5000 would the Abbey take the full £5000 as an income or look at it and think "In one hand and out with the other"?.

space_rider

My childcare is only £28 a week so not really an issue. But I would be weary of relying on a huge amount of tax credits for a mortgage just in case there is a change of government and the tories scrap it. Abbey do generally lend on affordability and if you aren`t in effect paying much for child care then that frees up your money.

northernmonkey09

Yes i understand this but do Abbey take the childcare costs into account?

_Andy_

Have you not asked your broker?

northernmonkey09

I have, But he says he doesnt know which i know isnt much help to us. Im hoping someone on here can shed some light........