Declined because of number of kids - any lenders less likely to penalise for this?

guy777

Hi
Wondering if anyone can recommend a mortgage provider which is less likely to take this into account?
I am trying to sell my house and buy a new one which is only around £10,000 more. So I thought it would be quite easy to get a mortgage. However I got declined by First Direct. When I pointed out that it wasn't much more than my current mortgage they said it was really because my situation had changed (we had twins last year). Before I go through another lengthy application, can anyone recommend any lenders likely not to take this so much into consideration? Or is it down to new regulations and they will all say this?
Thanks
Guy

ACG

There is no set answer for this.
You will need to go on the lenders affordability calculators and put in your expenses and see if it fits or not.

Have you tried doing the mortgage over a longer period? It will make your payments less and so lenders may lend more? You may then be able to make overpayments to bring the term down to what you originally applied for?

Funder

I understand that natwest are more lenient with childcare costs

pamelab21

we are going through this at the moment as we have 2 kids with one in nursery. We are currently with Britannia and can port and they take account of tax credits but not child benefit. The childcare will half in Aug and they said they could also take this into account if it affects the amt we can borrow, their figures are coming out at when we need.
We bank with First Direct and they could only come up with a figure 1/3 of what Britannia could as they don't take any other income for the kids into account.
Nationwide also seem to let you add child benefit/tax credits onto their online calculator.
Good luck!

somethingcorporate

Probably a situation worth using a broker over rather than chance a lot of rejections.

amnblog

Surely your financial situation is more stretched than before your family increased by two Guy?


Don't expect any Lender to brush over the make up of your family.


But don't consider First Direct as representative of the view out there.

bettywurzel

I have four kids, two are preschoolers and we haven't had a problem getting a 90% mortgage, at the upper limits of affordability, with Natwest via a broker.