mortgage calculator

discusdan

hi me and my partner are looking to buy a house in around 6months. been doing a few calculations the first is with me her and 2 children. with an £18000 deposit. 4-5k income of tax credits. and employer income of 18500k gross. the calculator is coming out lending me a mere £18000. same calculator with a single application jusr my income. calculator says could lend me 50000.
question is can i apply for mortgage and say i have kids but we are seperated and i dont pay anything? this is not true obviously but if the calculators are roughly correct a joint application will get us a little 1 bed flat above a shop or something not what we want at all. all advice welcome

kingstreet

No-one is going to advocate mortgage fraud.

Presumably you are the sole earner on £18,500 pa?

You appear to have decided a non-working "spouse" and two dependent kids are a higher priority to a home you own. There is nothing wrong with that; but you can't then rail against the system when it negatively affects your home ownership prospects when you benefit from child benefit, tax credits and possible housing benefit/local housing allowance.

Until you have two incomes coming in and no childcare costs, it's probably preferable to rent.

discusdan

Hi I'm not trying to be fraudulent but surely nothing wrong with applying for single mortgage and then have the kids and partner move in? Surely you don't have to declare your relationships to the bank. Thanks for reply

betmunch

Not trying to be fraudulent by hiding material facts from a lender!

Maybe taking professional advice would be a better plan?

discusdan

Hi I'm only trying to borrow as much as possible . didn't think it so wrong to say I have 2 kids that don't live with me nor do I pay for them ? If I was single with no kids with a mortgage thrn I got married had 2 kids surely the bank doesn't need that declaring?

cakeforbrains

If you were single with two children from a 'previous relationship' you would have to pay maintenance for them.

discusdan

Have to or only if mum said? Like I said we are together I'm just trying to get round the ridiculously tight criteria and strict lending

libf

Your partner and children require money from your wages to live. These are expenses someone without children doesn't have. You will prioritise this over your mortgage if required, say if you lost your job. The mortgage lender knows this, and so will restrict the amount of money they lend you compared to a single person in the same situation who can live much more cheaply. It's not ridiculous, it's sensible.

You need to save more, find a job which pays more or have your partner also working if you wish to borrow more, not lie about your situation. Also, try other lenders, some will be more generous than others. Better yet, engage an independent, whole of market broker to do that for you.

Try looking into Help To Buy and shared ownership too.

betmunch

discusdan wrote: »

Hi I'm only trying to borrow as much as possible . didn't think it so wrong to say I have 2 kids that don't live with me nor do I pay for them ? If I was single with no kids with a mortgage thrn I got married had 2 kids surely the bank doesn't need that declaring?

Banks want to know the situation at application and any future changes, along with any material changes between application and offer.

If you have a partner and 2 kids you put that you have a partner and 2 kids. If you don't then you don't. It's that simple.

I don't see what the problem is, using the info in your OP and a few assumptions (one of which was that you had no outstanding debt) I was able to get over £96,000 out of an affordability calculator.

Stop going on about ways to cheat the system and take professional advice. Get it done right.

A_Frayed_Knot

If you are applying by yourself, then the tax credits will not be taken into account, will they.

discusdan

Thanks all advice taken onboard. Tried few calculators and having a single mortgage with 3 dependants is giving me much more than a joint with 2 dependants. Why would this be?