Lending criteria at different banks

Buyingahouse2015

After using various mortgage calculators online, the amounts offered vary wildly from bank to bank. With some only offering 50k and others offering close to 300k. All the mortgage calculators I’ve used are ones where childcare expenses are used as part of the criteria.

I’m going to speak to the banks directly as I know the calculators only give a rough estimate but I was wondering if certain banks are more accommodating than others when it comes to applicants who pay for childcare?

ACG

There is only one lender I am aware of where child care does not need to be disclosed as it is included in their standard affordability calculations.

But that should not be the deciding factor as it may be that it falls foul of other criteria or other affordability issues. There could also be other lenders where it would pass affordability with better rates and/or quicker processing.

Fiddy_Pence

I'm not aloud to post links but on this site there is some info regarding lending criteria for mortgages.

If you Google the following "money saving expert lending criteria" it's about 3 or 4 search results down.

I went through the same issues. I just used a broker in the end. He recommended halifax, they were not the cheapest rates at the time but the process was pretty quick as mortgage applications go.
:money:

Buyingahouse2015

ACG wrote: »

There is only one lender I am aware of where child care does not need to be disclosed as it is included in their standard affordability calculations.
.

Thanks - which provider is that?

libf

Buyingahouse2015 wrote: »

Thanks - which provider is that?

That's the kind of information that you need to engage a broker for.

ACG

We are not allowed to say as it could be seen as leading - we get castrated for that - but if you speak to a broker or like you say ring around the various lenders you should get there.

gentlewoman

Buyingahouse2015 wrote: »

Thanks - which provider is that?

Natwest / RBS

"Pension and childcare costs not included in the calculation (childcare costs are
included in lifestyle expenses - see below)"

http://intermediary.natwest.com/downloads/natwest/NatWestLendingGuide.pdf


PS. I'm not a broker but I think your best bet is to speak with one, instead of speaking directly with many banks. A good broker will know which lender will be best for your situation. On this website alone there are several that are very informed: kingstreet, DaveHam, ACG, amnblog, and many others :-)

Buyingahouse2015

Thanks. I'm new here so I had no idea about naming specific lenders. Thanks again!