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Mortgage took Childcare HELP
Becki1_2
Posts: 3 Newbie
Hi,
We are due to move out in 3 1/2 weeks and I found out today that (by going direct to mortgage company as brokers are rubbish) that they will lend us £45k less than we need due to our childcare costs (£490 a month) even though we would still have £500 spare a month and childcare will be stopping after we move. Surely this should have been known by broker before we even went through a credit check? we paid £95 for this broker.
BTW mtg broker knew this info on wed and didn't want to worry me?
Help!! are all mortgage companies doing this now?:mad:
We are due to move out in 3 1/2 weeks and I found out today that (by going direct to mortgage company as brokers are rubbish) that they will lend us £45k less than we need due to our childcare costs (£490 a month) even though we would still have £500 spare a month and childcare will be stopping after we move. Surely this should have been known by broker before we even went through a credit check? we paid £95 for this broker.
BTW mtg broker knew this info on wed and didn't want to worry me?
Help!! are all mortgage companies doing this now?:mad:
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Comments
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Irresponsible lending was a contributory factor as to why we have the finanacial problens we do now. Lenders have been progressively tightening up their lending critera for some months now. Taking into committed outgoings in calculating affordability both now and in the future seems commonsense. Both protecting the lender from bad debt and claims of irresponsible lending.0
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just heard of a couple who had a mortgage in principal and bought a house..it was just about to exchange but the offer had run out days ago so they went back to the bank and under the same criteria the bank is now offering 40k less than they offered this couple six months ago...they bank said the way they add up how much they lend had changed in the six months...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
just heard of a couple who had a mortgage in principal and bought a house..it was just about to exchange but the offer had run out days ago so they went back to the bank and under the same criteria the bank is now offering 40k less than they offered this couple six months ago...they bank said the way they add up how much they lend had changed in the six months...
Tigher FSA regulation comes into force from June 30th so I am wondering if this is a direct consequence.0 -
Probably just a more 'helpful' approach from the lender. Its no use saying borrow 4.5 times your salary if on top of that you are forking out £500 on childcare, when I went to see a bank they seemed more interested in what we could genuinely afford and whether we would be able to pay it back than just giving out a mortgage and leaving me to worry how to pay it back.
R0
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