1st time buyer with 17 year old

Jjah

Hi all,

I did a telephone affordability with Natwest to see if I could have a mortgage.

There is a bit of a catch 22 though.

Child tax credit and child benefit are accepted _but_ they would not be considered with a 17 year old son for obvious reasons that he will not remain 17 for long.

Fair enough.

But here is the catch 22....

If I declared him as a dependant, it would significantly limit the amount I could borrow - but he is 18 in September!

Do I include him in the application as a dependant?

Thanks in advice

LRmortgage

Speak to the lender, I know in some circumstances if a commitment is ending in the next 6 months they will allow you to leave it off the application.

Whether this applies to dependents I’m not sure, but worth asking them the question.

sammyjammy

Jjah wrote: »

Hi all,

I did a telephone affordability with Natwest to see if I could have a mortgage.

There is a bit of a catch 22 though.

Child tax credit and child benefit are accepted _but_ they would not be considered with a 17 year old son for obvious reasons that he will not remain 17 for long.

Fair enough.

But here is the catch 22....

If I declared him as a dependant, it would significantly limit the amount I could borrow - but he is 18 in September!

Do I include him in the application as a dependant?

Thanks in advice

Being 18 in September doesn't automatically make him a non-dependant though, is he at college/sixth form? Will he be next academic year?

Jjah

He is looking at paid apprenticeship options after summer.

ACG

Speak to the lender and explain he will not be a dependent from whenever. It is not a catch 22 as such as he may still be a dependent at 18. My little brother is 23 and works part time but his money goes on his xbox. He is very much still a dependent and probably will be until he finds a Mrs who will wrap him up in cotton wool as much as our dad and his mum do.