Mortgage Dependancies

Matthew_Wharton

I currently live with my wife and 2 children (7 & 5) and I will be moving out and getting my own mortgage. I have a meeting with HSBC in 2 weeks and they will no doubt answer this question but different lenders may have different answers so I thought i'd pop this on here to see what others think...

Its a simple question - Declaring my dependencies, i.e. my children. I won't be the main carer, I will have them for at least 3 days/nights per week, do I still need to declare them?

The reason I ask may be obvious to some - if I do then my borrowing power for a new mortgage will be significantly reduced if I have to declare them as dependencies. I won't be the 'main carer' but do I still need to declare them on my mortgage application as dependencies? I don't want to commit fraud! (which is something I have read about - but it's not clear about the main/second carer responsibilities and how this effects it all)

Thanks in advance on any guidance on this :0)

kingstreet

'Dependents.'

The other things are territories of a larger country.

If you will pay maintenance for them, you enter '0' for financial dependents as the maintenance will be taken as a cost.

If you won't, they are at least partly financially dependent on you so you would count them as dependents.

bobobski

kingstreet wrote: »

'Dependents.'

The other things are territories of a larger country.

Sorry to be that guy but it's actually dependants

kingstreet

Funnily enough, I expected the spell-checker on here to kick out what I'd typed because I thought it was wrong myself.

Dependents. No red.

Dependants. Red.

Weird.

Neutrinno

Haha, as above - please say dependant, dependancies is not a word.

They aren't dependant if they live with their mother, however you will still need to declare any childcare costs and/or maintenance, whether court ordered or not.

Matthew_Wharton

territories of a larger country... :rotfl: - oh dear! well I can confirm that I don't have any claim on any other territory or country, if I did i'd sell it off to pay for the house i plan to but in cash! :j

Thanks for the response - really helpful