Childcare elements part of mortage

Kca

Can you use your childcare element of tax credits for ur mortage application ?


Thanks

kingstreet

Some lenders accept working and child tax credits as part of your income for a mortgage, but limit the amount for the latter to 50% or 60%. As to acceptance of the childcare element, I can't say.

I suspect there will be a trade-off. It would seem inequitable to ignore the tax credit, then hit you for affordability on the childcare costs.

You need to enquire of a broker who knows your circumstances, or a lender if you are going direct.

Avoid having speculative credit checks done, just so the lender can "see if it's a goer."

Kca

Thank you it's skipton and they r taking the working tax credits and child tax and possible childcare do u think they will take the childcare into it they haven't said they won't ?

Thank you for ur help

kingstreet

No idea. Sorry.

You'd need to enquire of your lender directly.

This is all that's shown in the lender's criteria;-

Working tax credits/benefits (WFTC,CTC,Child Benefit) full
documentation required along with bank statements can be used if
child is 14 years old or under - 100%