New Post Advanced Search

Will this help offer?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
10 replies 869 views
GavLGavL Forumite
43 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hope someone can shed some light.
Having gone to underwriters, I was advised that maximum they were prepared to lend was £17k short of what I need! It’s due to the old childcare voucher scheme which I’m still part of as my youngest still attends nursery, just twice a week alongside a car loan I have.
My broker advised if I got rid of one I’d be back to where I need to be. So I’ve dramatically reduced the voucher contribution by almost £200 a month. This has been confirmed in writing by employers and I can “prove” come next payslip. It’s back with the underwriter now but any experience as to what effect this change will have would be appreciated. I’m in for a long wait with the bank holiday weekend :(! TIA.

Replies

  • ACGACG Forumite
    20.6K posts
    Tenth Anniversary 10,000 Posts Name Dropper I've helped Parliament
    ✭✭✭✭✭
    I am surprised £200 is making £17k different. I would expect a drop of £200 a month to be closer to £10-12k but if you are paying £200 less on child care vouchers, will you not now be paying an extra £200 (if not more) in childcare directly?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GavLGavL Forumite
    43 posts
    Apparently it’s because of this and the loan combined is more than the mortgage payment.
    I’m doing the mortgage myself as hubby just became self employed so not accounts but he’ll be taking on the balance
  • amnblogamnblog Forumite
    11.7K posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    ✭✭✭✭✭
    This sounds like one that will, with many Lenders, need to be evidenced with the next payslip showing the change. What has your Broker said?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GavLGavL Forumite
    43 posts
    I can show it on my next wage slip, hoping to get that a bit earlier as payday is 6th so it feels a lifetime away! He said that if we got rid of the loan or the vouchers it’d take us to where we need to be....that being said having this hurdle just now is making me nervous. If it doesn’t fill the full gap I’ll need to find a way to bridge it.
    Also, do they not take into consideration that the mortgage payment is £200 less than rent? Aware it’s not as simple as that. I can afford everything as is with the higher rent so find it all complicated.
  • ThrugelmirThrugelmir Forumite
    73K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    GavL wrote: »
    I’m doing the mortgage myself as hubby just became self employed so not accounts but he’ll be taking on the balance

    Presumably you'll be financially supporting him. While he gets the business up and running. Has the lender factored this into account as well.
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
  • GavLGavL Forumite
    43 posts
    They’ve not taken any of his income/situation into the equation. They have seen regular transfers from him to me (bills) and no questions on that.
  • GavLGavL Forumite
    43 posts
    He doesn’t need financial support - the income is regular
  • AnotherJoeAnotherJoe Forumite
    18K posts
    10,000 Posts Fourth Anniversary Name Dropper Photogenic
    ✭✭✭✭✭
    I guess once you get the mortgage (good luck) and are in the house (dont do anything before that !) you can add them back on anyway? Presumably overall you are better off with them?
  • GavLGavL Forumite
    43 posts
    I could do in time but it was due to change anyway as given his age he’s not entitled to some free sessions.
  • GavLGavL Forumite
    43 posts
    Now entitled, sorry.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support