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urgent advice for my mortgage application please!
Options
lalab3
Posts: 24 Forumite
Previously I was asking about cancelled applications.... but thankfully my broker keyed a new one and the last couple of days it has been in and out of assessment. Nationwide btw.
Today my broker has said yet again that HMRC have declared by childcare as £1300 per month?!!!! On application £800 which is correct! But nationwide will only go by HMRC! marginally we lose out on affordability!!! We need £325000 but due to this can only lend £230000!!! Before it was rental payments which we sorted now this!!!!! Any advice will be appreciated. .. what are my options now?
Thanks
Today my broker has said yet again that HMRC have declared by childcare as £1300 per month?!!!! On application £800 which is correct! But nationwide will only go by HMRC! marginally we lose out on affordability!!! We need £325000 but due to this can only lend £230000!!! Before it was rental payments which we sorted now this!!!!! Any advice will be appreciated. .. what are my options now?
Thanks
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HMRC have declared that you're spending £1300 a month on childcare but you say you're spending only £800? Why does HMRC have an opinion on the matter?0
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The HMRC tax credits award shows the cost of childcare along with the childcare element of child tax credit to subsidise it.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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So either the OP has been overdeclaring and has been caught out or HMRC is wrong, which should be easy enough to prove, shouldn't it?0
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This question should be directed at your broker who knows your situation - not the audience hereI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you all. .... long process but im sure we will get there in the end! Btw my husband and I are both 30 yrs old and currently want a 25 yr mortgage. However, if we go to a higher term could nationwide lend us more?0
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Where do you pay your child care costs from, bank account or salary sacrifice ?0
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