Shocked at the difference in how much we can borrow

clairecymru

Just put our details into a mortgage calculator on nationwides website to see how much we could borrow.

When I put in our childcare costs it said that we could borrow £78,000 but when I left those out it said we could borrow £198,000. That is a big difference.

We are looking to borrow £100,000 which would mean that our mortgage, even at 6% interest rate would be £200 a month cheaper than our rent which we are comfortably paying at the moment.

Looks like we will be renting a little while longer if we cannot borrow the amount we need though.

Dave_Ham

Not all lenders have the same affordability calculations, although assume your childcare is currently quite high vs the average?

clairecymru

Our childcare costs £700 a month, although we both have childcare vouchers through salary sacrifice, so we only actually pay £214 but don't know how to take that into consideration

ACG

Its not a case of nationwide or nothing.

Try other lenders or speak to a broker.

amnblog

This doesn't add up?

Get yourself a broker to sort this for you properly.