new mortgage_not declare dependent

hmm07

Me and my partner looking to buy a property together. we can easily pay the monthly repayment but it is difficult to get the mortgage for the amount we need to buy a house to stay local.
basically we are not earning enough.
We've a 6 year old child which we haven't told the bank about. We exclude the financial dependent to get maximum borrowing. we need every penny that we can borrow, very close to get the required amount. But some one mentioned that having a over 6 year old child can increase the borrowing. we get child benefit and DLA for the child. about £380 a month in total.


what I want to know is how much the lenders take off for each financial dependents?


any advise would be helpful. Thanks.

amnblog

You have already committed fraud by not telling the bank about the child.

They will pick this up when they see the child benefit payments on the bank statements.

Don't compound your situation by trying to work other angles.

ACG

They may also pick it up by other means - no idea how.

I remember putting down someone had 2 kids as dependents - they had 3 kids but my understanding following the factfind was only 2 lived with them. Underwriters came back saying they think the couple have 3 kids and would want confirmation. Turns out the clients 3 kids all lived with them - we managed to overcome it by extending the term and getting a grand off mum n dad but always assume if you lie they will find out.

Also it could be worth speaking to a broker, some lenders are more inclined to ignore child care costs or have more flexible affordability assessments. Another example of this is 2 lenders, 1 would lend a lady £16k, the other £83k - all because of how they underwrite differently. I think that is the biggest extreme I have ever seen but it does go to show lender choice can make a difference.

fairy_lights

They will find out. I think it will be pretty obvious from your bank statements that you have a child - child benefit going in, payments to Toys R Us going out...
if you're not earning enough to be able to borrow what you need then how do you think you're going to manage the repayments?

ACG

fairy_lights wrote: »

if you're not earning enough to be able to borrow what you need then how do you think you're going to manage the repayments?

Just kick one of them out when it gets too much?

What a lender says is affordable and what a customer thinks is affordable can sometimes be miles apart.

I know I can afford more than my current lender will lend me, it doesnt matter in this instance as I dont need or want to borrow the maximum or beyond but we have 2 very different figures even taking into account that rates will increase at some point in the next year or 2.