Tax Credits & Childcare Query

[Deleted User] · 24 March 2016 at 2:09PM

I've played about with the Nationwide calculator, (as they take tax credits and child maintenance as income). I get 70% of my childcare via Tax Credits, so at the moment my childcare income from tax credits is £162 p/m and I pay £232. At this point the calculator says I can borrow what I need, now when I change it to £0 in & £0 out for when the little once starts school, the figure comes down dramatically, as i think they are using the 4.5 x income, even though my outgoings have gone down and i'll be better off! Is this correct? I feel like I need to rush and get it sorted before my tax credits change! Also, does anyone know of any other lenders that take Tax Credits and Maintenance as income?

Thanks.

neilwchad · 24 March 2016 at 4:06PM

Halifax will us child tax credits. This was from the advisors themselves when I got an AIP.

[Deleted User] · 25 March 2016 at 9:21AM

Can anyone help me understand why they will lend me less when my outgoings have dropped? Is this because my income from tax credits have dropped? Even though the net effect is I'm £70 better off a month!?