deduction when applying for mortgage?

skintdairymaid

I've just been for a mortgage quote and the customer advisor deducted our little ones nursery fees when working out how much we can borrow. Is this right? Many Thanks

Thrugelmir

If you spend money on nursery fees then it can't be used towards the mortgage payments.

Seems a sensible approach by the lender. Stopping you from getting into financial difficulties in the future.

opinions4u

If they want to deduct the cost of milk from your supermarket shop, they can if they want.

Each lender will have it's own income assessment rules.

Some may reduce available loan size for applicant's with children. The one your dealing with appears to be taking a slightly different approach.

Either way, they're entitled to and there seems to be sense in doing so.