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.

Jjah

Thanks so much!

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.

Jjah

Very true!:D