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  • FIRST POST
    • GavL
    • By GavL 25th May 19, 7:57 AM
    • 38Posts
    • 2Thanks
    GavL
    Will this help offer?
    • #1
    • 25th May 19, 7:57 AM
    Will this help offer? 25th May 19 at 7:57 AM
    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! Itís due to the old childcare voucher scheme which Iím 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 Iíd be back to where I need to be. So Iíve dramatically reduced the voucher contribution by almost £200 a month. This has been confirmed in writing by employers and I can ďproveĒ come next payslip. Itís back with the underwriter now but any experience as to what effect this change will have would be appreciated. Iím in for a long wait with the bank holiday weekend ! TIA.
Page 1
    • ACG
    • By ACG 25th May 19, 8:03 AM
    • 19,019 Posts
    • 10,608 Thanks
    ACG
    • #2
    • 25th May 19, 8:03 AM
    • #2
    • 25th May 19, 8:03 AM
    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.
    • GavL
    • By GavL 25th May 19, 8:08 AM
    • 38 Posts
    • 2 Thanks
    GavL
    • #3
    • 25th May 19, 8:08 AM
    • #3
    • 25th May 19, 8:08 AM
    Apparently itís because of this and the loan combined is more than the mortgage payment.
    Iím doing the mortgage myself as hubby just became self employed so not accounts but heíll be taking on the balance
    • amnblog
    • By amnblog 25th May 19, 8:24 AM
    • 11,165 Posts
    • 4,469 Thanks
    amnblog
    • #4
    • 25th May 19, 8:24 AM
    • #4
    • 25th May 19, 8:24 AM
    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.
    • GavL
    • By GavL 25th May 19, 8:35 AM
    • 38 Posts
    • 2 Thanks
    GavL
    • #5
    • 25th May 19, 8:35 AM
    • #5
    • 25th May 19, 8:35 AM
    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.
    • Thrugelmir
    • By Thrugelmir 25th May 19, 9:09 AM
    • 63,535 Posts
    • 56,327 Thanks
    Thrugelmir
    • #6
    • 25th May 19, 9:09 AM
    • #6
    • 25th May 19, 9:09 AM
    Iím doing the mortgage myself as hubby just became self employed so not accounts but heíll be taking on the balance
    Originally posted by GavL
    Presumably you'll be financially supporting him. While he gets the business up and running. Has the lender factored this into account as well.
    ďThe stock market is a device for transferring money from the impatient to the patient.Ē Ė Warren Buffett
    • GavL
    • By GavL 25th May 19, 9:16 AM
    • 38 Posts
    • 2 Thanks
    GavL
    • #7
    • 25th May 19, 9:16 AM
    • #7
    • 25th May 19, 9:16 AM
    Theyíve 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.
    • GavL
    • By GavL 25th May 19, 9:17 AM
    • 38 Posts
    • 2 Thanks
    GavL
    • #8
    • 25th May 19, 9:17 AM
    • #8
    • 25th May 19, 9:17 AM
    He doesnít need financial support - the income is regular
    • AnotherJoe
    • By AnotherJoe 25th May 19, 9:31 AM
    • 14,706 Posts
    • 17,609 Thanks
    AnotherJoe
    • #9
    • 25th May 19, 9:31 AM
    • #9
    • 25th May 19, 9:31 AM
    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?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • GavL
    • By GavL 25th May 19, 9:35 AM
    • 38 Posts
    • 2 Thanks
    GavL
    I could do in time but it was due to change anyway as given his age he’s not entitled to some free sessions.
    • GavL
    • By GavL 25th May 19, 11:34 AM
    • 38 Posts
    • 2 Thanks
    GavL
    Now entitled, sorry.
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