Share ownership

Alxmtthws

My husband and I are in our 40th, we have two children 7 and 21 months, first time buyer. We know we will never be able to afford to buy a house in kent where we live, so we register with share ownership association moat and homebuy. Houses in the area where we work do not come very often so when comes along we jump in it.
Now the problem we had so far credit scores not good enough so fair enough we've worked at it and now we have excellent credit scores. We paid our loan back and credit card each month. We've been looking at a share ownership house with 40% share £76000. We earned together £3500 a month have 10% deposit and are refused a mortgage based on the childcare which are too much £360/month. The rent side of the share ownership is £370 which half of what we paid now for a two bed house, we used to have a loan £365 yet according to the affordability calculator used by our broker we wouldn't be able to afford rent plus mortgage? Can someone help understand how much do we have to earn those days to get a mortgage?

kingstreet

You enter your details in a lender's affordability calculator, income, outgoings (including shared ownership rent, service charges etc) together with the number of children you have and your childcare costs. Then, you enter the term of the mortgage you require and this should end before the oldest applicant reaches state pension age, normally 67 or 68.

At the end the calculator tells you if the lender thinks it's affordable for you.

Presumably it's the Leeds, so here's their calculator;-

https://online.leedsbuildingsociety.co.uk/public/mortgages/quick_enquiry.do