Mortgage vs Childcare costs

Dragonek80

Hi guys,
I was wondering whether anyone could help.
Are there any lenders out there that does not take into account childcare fees when you apply for a mortgage ? Our childcare fees are 900£ a month and this severely affects what we can actually borrow. We will only have those fees for a few more months before our daughter starts primary school.

My wife is a student nurse. She does not pay anything for the University and she actually gets a stipend of 400£ a month. She also works part time as a healthcare assistant in the Hospital.
Will lenders take both her incomes into account at all or am I going to be better of making application myself in my name only in terms of being able to borrow more?

Many thanks for your help in advance

Cheers

amnblog

Yes, amazingly some lenders do ignore childcare costs for affordability.

Stipend income can also be considered.

Speak to a broker.

Dragonek80

Well it is amazing. Thanks

If anyone on the forum can reveal names of those lenders (I have heard two banks on the market do that) then please let me know.

I am also keen to know which ones would consider stipend income please

Thanks guys

ACG

Brokers are not allowed to name lenders as we could be leading you towards a lender that would not accept you for other reasons and believe it or not, that would open us up to a complaint.

Jump on the phone to a broker, they should be able to guide you based on your full circumstances, not just the limited info we have here.

Jon_B_2

I'm not a broker and I know that NatWest do not take childcare into account.

Well they didn't in Jan 2015

Dragonek80

Thanks guys :-)

amateur_house

Jon_B wrote: »

I'm not a broker and I know that NatWest do not take childcare into account.

Well they didn't in Jan 2015

That is surprising. I was asked how much I spend on childcare for my adult children who are still living at home. The advisor eventually agreed not to put an amount down on the basis that 'it's not a regular expenditure'. I was baffled as to how this could be counted as childcare.

Jon_B_2

To be honest, even I think it astounding that there are lenders (and considering NatWest are part of RBS who are part state owned) who do not take proper childcare into account. We spend close to £500-700/month on childcare, or does have a big impact on affordability, trust me!

chelseablue

My mortgage is with Halifax and they wanted to know how much we spend on childcare.


Ours is £760 a month which is more than the mortgage payment! Must say Im looking forward to next September when we can get the government funding.
Anyway Im going off on one now :rotfl: