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Impact of number of dependents on amount available
kateandpete
Posts: 133 Forumite
We're hoping to remortgage when our current fix ends. Looking at the comparison tables there looked to be quite a few options (joint income about £47k, loan required £150k, property value £250k).
When I go to the lenders' websites though we seem to be struggling on some of the income multipliers, particularly when number of dependents is asked. We have 3 children, and, for instance, ING direct drop the amount we can borrow to 139k where it would be 179k if we only had 2 kids.
Does anyone know lenders who place less emphasis on the actual number of dependents. Affordability is not an issue, we are paying £1000pcm mortgage at the moment and look like we should be able to find something for <£800 if we can get accepted on the income/expenditure criteria.
Credit scores are good with no unsecured loans - although that's another question.. We typically use our credit cards for purchases (clubcard points) and pay off in full monthly. I assume this does not count as debt as it is cleared every month in full?
When I go to the lenders' websites though we seem to be struggling on some of the income multipliers, particularly when number of dependents is asked. We have 3 children, and, for instance, ING direct drop the amount we can borrow to 139k where it would be 179k if we only had 2 kids.
Does anyone know lenders who place less emphasis on the actual number of dependents. Affordability is not an issue, we are paying £1000pcm mortgage at the moment and look like we should be able to find something for <£800 if we can get accepted on the income/expenditure criteria.
Credit scores are good with no unsecured loans - although that's another question.. We typically use our credit cards for purchases (clubcard points) and pay off in full monthly. I assume this does not count as debt as it is cleared every month in full?
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Comments
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Most lenders don't penalise borrowers as heavily as ING. Play with a few more online calculators and see what happens if you increase and reduce the number of dependents. It's worth remembering lenders like Halifax and Nationwide will take some child tax credits and child benefit into account too.
No. Paying off your credit card each month means you aren't in debt. It's worth putting £1 in as the balance for Halifax though. Not sure if that works for Nationwide.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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